U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17135 / September 18, 2001
Securities and Exchange Commission v. Daniel E. Schneider, et al., Defendants and Gordon A. Dunlop, et al., Relief Defendants, Civil Action No. 98-CV-14-D (D. WY)
The Commission announced that on August 8, 2001, the United States District Court for the District of Wyoming granted its Motion for Summary Judgment against relief defendants Gordon Dunlop and his entity, First Consortium International. Dunlop and First Consortium received ill-gotten gains obtained by Daniel Schneider in an illegal prime bank trading scheme. The Court, in its previous order of
August 31, 1999 found that Schneider had violated Section 17(a) of the Securities Act, Section 10(b) of the Securities Exchange Act and Rule 10-b 5 thereunder.
After reviewing the evidence, the court concluded that relief defendants Dunlop and First Consortium received ill-gotten gains from Schneider to which they had no legitimate claim. The court ordered that Dunlop and First Consortium pay disgorgement in the amount of $456,000 plus prejudgment interest.