U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 18465 / November 17, 2003
Securities and Exchange Commission v. Philip R. Gratz, Case No. 91-2136-CIV-MARRA
FINAL JUDGMENT ON CIVIL CONTEMPT ENTERED AGAINST PHILIP R. GRATZ
The Securities and Exchange Commission ("SEC") announced that on October 22, 2003, the United States District Court for the Southern District of Florida entered a Final Judgment on Civil Contempt ("Final Judgment") as to Defendant Philip R. Gratz ("Gratz"). The Final Judgment, entered by Gratz's consent and without admitting or denying the allegations of the SEC's action, orders him to pay disgorgement in the amount of $7,236,417, plus prejudgment interest thereon in the amount $60,303.48.
On March 20, 2003, the SEC filed an Emergency Application for an Order to Show Cause Why Defendant Gratz d/b/a Phoenix World Wide Enterprises, Inc. Should Not be Held in Civil Contempt for disobeying a prior final judgment of permanent injunction entered against him on April 30, 1992 in SEC v. Delta Rental Systems, et. al., Case No. 91-2136-CIV-MARRA (the "Delta Final Judgment.") The Delta Final Judgment enjoined Gratz from future violations of, among other things, the anti-fraud provisions of the federal securities laws.
See also, Litigation Releases No. 18051 (March 25, 2003), and No. 18243 (July 23, 2003).