U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19818 / September 1, 2006
SEC v. Roanoke Technology Corp., et al., Case No. 6:05-cv-1880-Orl-31KRS (M.D.Fla.)
Judgment of Permanent Injunction and Other Relief Entered Against Defendant David L. Smith, Jr.
The Securities and Exchange Commission ("SEC") announced that on August 7, 2006, the Honorable Gregory A. Presnell United States District Judge for the Middle District of Florida entered a Judgment of Permanent Injunction and Other Relief against Defendant David L. Smith ("Smith"). The Judgment, entered with the consent of Smith, without admitting or denying the allegations of the SEC's complaint, enjoins him from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Sections 10(b), 13(d) and 16(a) of the Securities Exchange Act of 1934, and Rules 10b-5, 13a-14, 13d-2 and 16a-3(a) thereunder, and aiding and abetting in violation of Section 13(a) of the Exchange Act and Rules 13a-13 and 12b-20 thereunder. The Judgment also bars Smith from participating in an offer or sale of a penny and prohibits him from acting as an officer or director of any issuer that has securities registered pursuant to Section 12 of the Exchange Act. In addition, the Judgment provides for disgorgement and the imposition of a civil penalty in amounts to be determined by the Court upon the SEC's motion.
The SEC commenced this action by filing its complaint against Smith, among others, alleging the defendants violated the registration, anti-fraud, and reporting provisions of the federal securities laws.
For additional information, see Litigation Release No. 19511 (December 22, 2005).