Litigation Release No. 17351 / February 5, 2002
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 September 27, 2001, the United States District Court for the Southern District of New York entered a Final Judgment of Permanent Injunction Against Defendant James Sheret, Jr. Sheret 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.
Sheret, 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. Sheret was also ordered to pay disgorgement in the amount of $378,037 and a penalty of $110,000.