U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19742 / June 28, 2006
Securities and Exchange Commission v. James L. George, Paul E. Brodhagen, and Michael J. Wright, United States District Court for the Northern District of Georgia, Civil Action No. 1:02-CV-03310-HTW
The Securities and Exchange Commission ("Commission") announced that on June 7, 2006 it filed an application for an order to show cause why Michael J. Wright should not be held in contempt of the Court's order of March 31, 2005, which directed him to pay disgorgement and prejudgment interest in the amounts of $61,329.66 and $22,688.85, respectively. The Court had also ordered Wright to pay a civil penalty of $5,000. Shortly after the Commission's motion was filed, Wright paid all amounts which the judgment ordered. On June 27, 2006, the Commission withdrew its application for an order to show cause against Wright.
The Court's earlier order of February 20, 2003 permanently enjoined Wright from future violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder.