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SEC v. Cosmo Corigliano, et al. Case No. 00-cv-02873 (D.N.J.)

Aug. 22, 2022

On June 14, 2000, amended on July 25, 2000, the Commission filed a complaint against Anne M. Pember, Casper Sabatino, Kevin T. Kearney, and Cosmo Corigliano (collectively, the “Defendants”) and named Carelton H. Pember IV, Agnes T. Corigliano, and Mary Louis Scully as relief defendants (collectively, the “Relief Defendants”). The complaint alleged that for several years the management of CUC International, Inc. (“CUC”) operated a fraudulent scheme that added hundreds of millions of dollars to the reported operating income of CUC and, subsequently, of its corporate successor, Cendant Corporation. See Litigation Release No. 16587.

This matter was settled and pursuant to their respective judgments the Defendants and Relief Defendants have paid a collective total of approximately $12,401,644.55 into a Fund for distribution to harmed investors. See Corigliano, et al. Final JudgmentKearney’s Final JudgmentPember’s Final Judgment, and Sabatino’s Final Judgment.

On March 3, 2006, the Court appointed Damasco & Associates LLP as the Tax Administrator to fulfill the tax obligations of the Fund.

On June 5, 2015, the Court approved the transfer of the Fund for distribution to a related class action, In re Cendant Corporation Litigation, Master File No. 98-1664 (WHW) (D.N.J.). See Order Approving Transfer of Funds.

For more information, please contact the Commission:

Office of Distributions

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