U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22316 / April 3, 2012
COURT ENTERS FINAL JUDGMENT AGAINST DEFENDANT ANTHONY M. CIMINI, SR.
Securities and Exchange Commission v. Global Development & Environmental Resources, Inc., et al., Civil Action No. 8:08-CV-993-T27MAP (M.D. Fla.).
The Commission announced that on March 30, 2012, the United States District Court for the Middle District of Florida entered a Final Judgment, by consent, against Defendant Anthony M. Cimini, Sr.. The Final Judgment orders Cimini to pay disgorgement of $18,100, representing profits gained as a result of the conduct alleged in the Complaint, prejudgment interest thereon in the amount of $4,428.91, and a civil penalty in the amount of $18,100, pursuant to Section 20(d) of the Securities Act of 1933 (“Securities Act”),15 U.S.C. § 77t(d), and Section 21(d)(3) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78u(d)(3), for a total amount of $40,628.91.
Cimini also previously consented to: a permanent injunction prohibiting violations of Section 10(b) of the Exchange Act, 15 U.S.C. § 78j(b), and Exchange Act Rule 10b-5, 17 C.F.R. § 240.10b-5, and Section 5 of the Securities Act, 15 U.S.C. § 77e; a penny stock bar; an officer-and-director bar; the Commission’s entitlement to disgorgement and prejudgment interest, and to a civil money penalty pursuant to Section 20(d) of the Securities Act, 15 U.S.C. § 77t(d), and Section 21(d)(3) of the Exchange Act, 15 U.S.C. § 78u(d)(3).
The Commission commenced this action by filing its complaint on May 22, 2008. The complaint alleged Cimini and other defendants participated in a fraudulent "pump and dump" scheme to evade the registration provisions of the federal securities laws and then sell purportedly unrestricted Global shares during a fraudulent promotional campaign.
The other defendants, Global Development, Carmine J. Bua, Philip Pritchard, Pietro Cimino, and Dante M. Panella, all previously settled the Commission’s anti-fraud and securities registration charges against them by consenting, without admitting or denying the Commission’s allegations, to permanent injunctions. All the individuals consented to penny stock bars, and Pritchard and Cimino consented to officer-and-director bars. The Court previously ordered disgorgement and civil penalties against Bua and Panella, with monetary orders still to be decided against the others. The Commission’s claim for a civil penalty against Global Development has been voluntarily dismissed.