U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23027 / June 24, 2014
Securities and Exchange Commission v. Lance T. Berger, Civil Action No. 13-cv-62112-ZLOCH/HUNT
District Court Enters Final Judgment of Disgorgement and Prejudgment Interest Against Defendant Lance T. Berger
The Commission announced that on May 22, 2014, the United States District Court for the Southern District of Florida entered a Final Judgment of Disgorgement and Prejudgment Interest by consent against Defendant Lance T. Berger in the amount of $5,151.76, pursuant to Section 21(d) of the Securities Exchange Act of 1934 ("Exchange Act").
The Final Judgment follows a previous order by United States District Judge William J. Zloch in which the Court entered a Judgment of Permanent Injunction and Other Relief by consent against Berger, enjoining him from violations of Section 10(b) of the Exchange Act and Exchange Act Rule 10b-5(a) and (c), and permanently barring him from participating in an offering of penny stock.
The Commission commenced this action by filing its Complaint on September 27, 2013 against Berger, alleging he engaged in a fraudulent scheme concerning the stock of Face Up Entertainment Group, Inc. ("FUEG"). The scheme involved illicit kickbacks and timed press releases designed to falsely generate the appearance of market interest in FUEG, induce public purchases of the stock, and artificially increase its trading volume and price.