Litigation Release No. 17133 / September 18, 2001
Securities and Exchange Commission v. James Sheret, Jr. and Glenn E. Conley, Civil Action No. 00 Civ. 1411 LTS (D. SDNY)
The Commission announced that on August 9, 2001, the United States District Court for the Southern District of New York entered a Final Judgment of Permanent Injunction Against Defendant Glenn E. Conley. Conley engaged in multiple fraudulent and deceptive schemes to profit from his touting and trading of the stocks of thinly traded public companies over the Internet.
Conley, without admitting or denying the allegations of the complaint, consented to the order which permanently enjoins and restrains him from violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder by engaging in fraudulent activity in connection with the purchase or sale of any security. Conley was also ordered to pay disgorgement in the amount of $458,965. All but $209,253 of the disgorgement was waived and no penalties imposed based on Conley's demonstrated inability to pay the full amount of disgorgement or any penalty.