U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22629 / March 1, 2013
Securities and Exchange Commission v. Jon Latorella and James Fields, No. 1:10-CR-1038- DPW (D. Mass November 10, 2010)
Securities and Exchange Commission v. LocatePlus Holdings Corporation, Jon Latorella and James Fields, No. 1:10-CV-11751-DPW (D. Mass. October 14, 2010)
FORMER OFFICER OF MASSACHUSETTS-BASED LOCATEPLUS HOLDINGS CORPORATION SENTENCED TO 60 MONTHS' IMPRISONMENT FOR SECURITIES FRAUD
The Securities and Exchange Commission announced today that, on February 26, 2013, the Honorable Douglas P. Woodlock of the United States District Court for the District of Massachusetts sentenced James C. Fields of Brookline, Massachusetts, to 60 months imprisonment, to be followed by three years of supervised release, and the payment of restitution to be determined at a later hearing. Fields is the former chief financial officer and former chief executive officer of LocatePlus Holdings Corporation, a Massachusetts-based information technology company that sold on-line access to public record databases for investigative searches. Fields was found guilty after a jury trial and was sentenced on 28 criminal charges including securities fraud, false statements to company auditors, false statements and false certifications in SEC filings.
On November 10, 2010, the United States Attorney's Office for the District of Massachusetts charged Fields and former LocatePlus chief executive officer Jon Latorella with conspiracy to commit securities fraud for their role in a scheme to fraudulently inflate revenue at LocatePlus as well as a scheme to manipulate the stock of another company. On the same date, the Commission amended a previously-filed civil injunctive action against LocatePlus arising out of the same conduct, to add both Fields and Latorella as defendants. The Commission's civil injunctive action, which is still pending, has been stayed until the conclusion of the criminal cases against Fields and Latorella.
For further information, see Litigation Release No. 21474 (April 2, 2010); Litigation Release No. 21692 (October 14, 2010); Litigation Release No. 21735 (November 10, 2010); Litigation Release No. 21763 (December 6, 2010); Securities Exchange Act Release No. 64607 (June 6, 2011); Litigation Release 22394 (June 18, 2012); Litigation Release No. 22426 (July 30, 2012); Litigation Release No. 22536 (November 20, 2012).