U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19925 / November 28, 2006
SEC v. John S. Kramer, et al., Civil Action No. 02-690 (MLC), United States District Court for the District of New Jersey
Federal Court Issues Judgment Against Nancy M. Kramer as Successor to John S. Kramer
The Securities and Exchange Commission (the "Commission") announced that on October 16, 2006, the United States District Court for the District of New Jersey entered a Final Judgment as to Defendant Nancy M. Kramer in this matter. The judgment, entered with Nancy Kramer's consent, without admitting or denying the allegations of the Commission's complaint, orders Nancy Kramer to pay disgorgement of $374,241, representing profits gained as a result of the conduct of her deceased husband, John S. Kramer, together with prejudgment interest of $147,970, for a total of $522,211.
The Commission filed a complaint against John S. Kramer and others in February of 2002. The complaint alleged, among other things, that John Kramer made improper use of nonpublic or "inside" information obtained from his son, W. Jeffrey Kramer, to obtain $374,241 in illegal gains trading stock. John Kramer died on June 14, 2005, and Nancy Kramer was substituted as a defendant in his place. John Kramer had been a resident of Skillman, New Jersey.
For further information, see Litigation Release No. 17364 (February 19, 2002).