Spear & Jackson, Inc.
Latest Information: On June 25, 2008, the SEC announced that it had distributed more than $5.6 million to 534 investors who were victims of a fraudulent pump-and-dump scheme involving the stock of tool maker Spear & Jackson, Inc. The distribution represented a 100 percent return of losses to defrauded investors who bought Spear & Jackson stock during the fraudulent touting period from February 2002 through April 2004.
Background: On February 15, 2005, the SEC obtained permanent injunctions and orders of disgorgement and civil penalties against Dennis Crowley, Yolanda Velazquez, and International Media Solutions, Inc. in connection with a pump and dump scheme of Spear & Jackson, Inc. stock. The SECís complaint alleged that Crowley, together with IMS and its principals, illegally pumped the price of Spear & Jackson stock and then sold hundreds of thousands of shares. Crowley, who was at the time of the scheme the CEO of Spear & Jackson, sold his shares using brokerage accounts in the names of offshore nominee companies that he controlled. For more information about the SEC's action, you can read Litigation Release Nos. 18668 (Apr. 16, 2004), 19072 (Feb. 10, 2005), 19415 (Oct. 5, 2005) and 20347 (Oct. 25, 2007).
The SEC has collected approximately $7 million from the defendants for the benefit of defrauded investors. The Court appointed Mr. Kevin Love, Esq., as Distribution Agent to distribute the funds. The Distribution Agent has sent to potential claimants at their last know address a Notice of SEC Settlement Fund and a Proof of Claim form. The bar date for the filing of claims (the date when the Proof of Claim form must be received by the Distribution Agent) is July 13, 2007.
Investors who have questions about the claims process can contact Mr. Love at (305) 357-9000.