U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20109 / May 10, 2007
SEC v. World Information Technology, Inc., Civil Action No. 06-CV-13181 (VM) (S.D.N.Y.)
Court Enters Permanent Injunctions Against World Information Technology, Inc. and Gary Morgan in "Pump and Dump" Scheme
The Securities and Exchange Commission announced that on May 2, 2007, the Honorable Victor Marrero, United States District Judge for the Southern District of New York entered a default final judgment of permanent injunction against World Information Technology, Inc. and Gary Morgan. The default final judgment enjoins World Information and Gary Morgan against future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder, enjoins World Information from violating Section 13(a) of the Exchange Act, and Rules 12b-20, 13a-1, and 13a-13 thereunder, enjoins Morgan from aiding and abetting violations of Section 13(a) of the Exchange Act, and Rules 12b-20 and 13a-13, and enjoins Morgan from violating Sections 5 of the Securities Act, Sections 13(d) and 16(a) of the Exchange Act, and Rules 13a-14, 13d-1, 13d-2, and 16a-3 thereunder. In addition, the default final judgment bars Morgan from serving as an officer or director of a public company, and orders Morgan to pay $866,710.30 in disgorgement, plus prejudgment interest of $176,360.22, and a $110,000.00 civil penalty.
For further information, see Litigation Release No. 19910 (November 15, 2006).