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U.S. Securities and Exchange Commission

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 22824 / September 27, 2013

Accounting and Auditing Enforcement Release No. 3494 / September 27, 2013

Securities and Exchange Commission v. Irwin Boock, et al., Civil Action No. Civil Action No. 09 CV 8261 (S.D.N.Y) (DLC)

SEC Obtains Final Judgments Against Attorney Involved in 22 Corporate Hijackings and a Relief Defendant

On September 24, 2013, the United States District Court for the Southern District of New York entered a consent final judgment against Nicolette Loisel, a Houston-based attorney, in a pending civil injunctive action in which the Commission charged Loisel, along with others, with hijacking 22 defunct or inactive publicly-traded companies and drafting 28 legal opinion letters falsely representing that offerings of approximately 223 million shares were exempt from the registration requirements of the federal securities laws. The final judgment permanently enjoins Loisel from violating the antifraud and registration provisions of the federal securities laws, prohibits her from participating in any penny stock offering, and orders her to pay disgorgement and prejudgment interest of $143,755. Pursuant to the final judgment, payment of these amounts was waived, and no civil penalty was imposed, in light of her financial condition.

The Commission previously issued an order suspending Loisel from appearing or practicing before the Commission as an attorney pursuant to Rule 102(e)(2) of the Commission's Rules of Practice. [In the Matter of Nicolette Loisel, Exchange Act Rel. No. 34-68738 (Jan. 25, 2013). The suspension was based on Loisel's criminal conviction after trial on one count of conspiracy to commit wire fraud, in violation of 18 U.S.C. § 371, in a parallel criminal proceeding, United States v. Roger Shoss and Nicolette Loisel, Case # 8:11-cr-00366-T-30TBM (M.D. Fla.).

Separately, on September 16, 2013, the court granted summary judgment in favor of the Commission against relief defendant Alena Dubinsky. The court found that Dubinsky opened brokerage accounts in her name through which certain defendants made unregistered sales of shares of issuers which they had hijacked. The final judgment against Dubinsky orders her to pay disgorgement and prejudgment interest in the amount of $1,085,495.55.

The Commission acknowledges the assistance and cooperation of the Ontario Securities Commission, the U.S. Attorney's Office for the Middle District of Florida in Tampa, the Tampa Field Offices of the U.S. Secret Service, U.S. Immigration and Customs Enforcement, and the Financial Industry Regulatory Authority.

For further information, please see Litigation Release Nos. 21243 (October 8, 2009) and 22499 (September 28, 2012).

 

http://www.sec.gov/litigation/litreleases/2013/lr22824.htm


Modified: 09/27/2013