U.S. Securities and Exchange Commission
Litigation Release No. 21270 / October 30, 2009
Court Enters Final Judgments of Permanent Injunction and Other Relief as to Robert E. Lane, Wealth Pools International, Inc. and Recruit for Wealth, Inc. and Final Judgments and other Relief as to Renee Becker and Julia Lane
Securities and Exchange Commission v. Robert E. Lane, et al., Civil Action No. 6:07-cv-1920-Orl-22KRS (M.D. Fla.)
The Commission announced that on September 14, 2009, the Honorable Anne C. Conway of the United States District Court for the Middle District of Florida entered Final Judgments of Permanent Injunction and Other Relief against Defendants Robert E. Lane, Wealth Pools International, Inc. and Recruit for Wealth, Inc. (Defendants) and Final Judgments and Other Relief as to Relief Defendants Renee Becker and Julia Lane (Relief Defendants). The final judgments enjoin the Defendants from violating Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. In addition to injunctive relief, the final judgments hold Robert Lane and Julia Lane jointly and severally liable for disgorgement and prejudgment interest totaling $2,466,339. Based on Robert and Julia Lane's financial condition, the Court waived part of the disgorgement amount, all the pre-judgment interest and did not impose a civil money penalty against Robert Lane. Additionally, Relief Defendant Renee Becker was order to pay disgorgement and prejudgment interest of $38,344. All of the Defendants and Relief Defendants consented to the entry of the final judgments without admitting or denying any of the allegations in the Commission's complaint.
The Commission commenced this action on December 5, 2007, by filing an emergency action against the Defendants alleging they defrauded investors through a fraudulent pyramid scheme primarily targeting the Hispanic community.
For further information, see LR-20393 (Dec. 11, 2007).