SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16277 / September 10, 1999
SECURITIES AND EXCHANGE COMMISSION v. PAUL V. MONTLE, LS CAPITAL CORPORATION, PAUL V. CULOTTA, CAROL C. MARTINO, CMA NOEL, LTD., MARIO J. IACOVIELLO, ILAN ARBEL, AND EUROPE AMERICAN CAPITAL CORPORATION (U.S.D.C. - S.D.N.Y.) 98 Civ. 3446 (MP)
The Securities and Exchange Commission ("Commission") announced today the filing on September 7, 1999 of a final judgment on consent against Mario J. Iacoviello of Vista, California in the United States District Court for the Southern District of New York. According to the Commission's Complaint, filed on May 14, 1998, Iacoviello violated the antifraud provisions of the federal securities laws while employed as a registered representative with the San Diego branch office of La Jolla Securities Corp. by accepting undisclosed compensation for recommending and selling stock in RMS Titanic, Inc. to his clients.
Without admitting or denying the allegations in the Commission's Complaint, Iacoviello consented to a permanent injunction against future violations of Section 17(a) of the interest thereon of $16,155.30, subject to a waiver of all but $10Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. Iacoviello also consented to pay disgorgement of $30,325 plus prejudgment,000 based upon Iacoviello's demonstrated inability to pay.