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Litigation Release No. 20769 / October 6, 2008

Securities and Exchange Commission v. North American Clearing, Inc., et al., Civil Action No. 06-08-cv-829-Orl-28KRS(M.D. Fla.)

Judgment of Permanent Injunction and Other Relief Entered Against Defendant Timothy J. Ward

The Securities and Exchange Commission announced that on July 16, 2008, the United States District Court for the Middle District of Florida entered a Judgment of Permanent Injunction and Other Relief against Defendant Timothy J. Ward. The Judgment, entered by consent, enjoins Ward from violations of Sections 17(a) of the Securities Act of 1933, Sections 10(b), 15(c)(3) and Rules 10b-5 and 15c3-3 of the Securities Exchange Act of 1934. The Judgment also provides for the imposition of a civil penalty in an amount to be determined by the Court upon the Commission's motion.

The Commission commenced this action by filing its complaint on May 27, 2008, against North American Clearing, Inc., its founder and director Richard L. Goble, its president Bruce B. Blatman, and Ward its former financial and operations principal, charging them with fraud and other securities laws violations. The Commission's complaint alleged the defendants engaged in illegal activities, including the misuse of customer funds, in order to hide North American Clearing's financial problems and to pay for its daily business operations.

For additional information, see Litigation Release No. 20602 (May 28, 2008).



Modified: 10/06/2008