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Litigation Release No. 20877 / February 2, 2009

Securities and Exchange Commission v. Vector Medical Technologies, Inc., Michael H. Salit, James P. Farnell, Michael J. Farnell, David A. Zimmerman, and Stanley Wasser, Case No. 03-80858-CIV-HURLEY/LYNCH (S.D. Fla.)

Court Enters Final Judgment Setting Disgorgement and Civil Penalty Against Stanley B. Wasser

The Securities and Exchange Commission announced that on January 21, 2009, the Honorable Daniel T.K. Hurley, United States District Court for the Southern District of Florida, entered a Final Judgment setting disgorgement and civil penalty against Stanley B. Wasser. The Final Judgment, entered by Wasser's consent, orders him to pay $387,841 in disgorgement and $33,074 in prejudgment interest. Based on Wasser's sworn statement of financial condition and other documents submitted, the Court waived all prejudgment interest and all but $64,500 of disgorgement, and did not impose a civil penalty. The order also provided for a payment plan beginning ten days after entry of the Final Judgment.

Previously, on August 23, 2004, Wasser consented to the entry of a judgment permanently enjoining him from violating Sections 5(a), 5(c), 17(a)(1), 17(a)(2) and 17(a)(3) of the Securities Act of 1933, Sections 10(b) and 15(a)(1) and Rule 10b-5 of the Securities Exchange Act of 1934. In addition, he is barred from participating in any offering of a penny stock.

For more information on earlier actions in this case, see LR-18348 (September 12, 2003); LR-18810 (July 29, 2004); LR-18866 (September 2, 2004); LR-18946 (October 27, 2004); LR-18947 (October 27, 2004); LR-18948 (October 27, 2004); LR-18949 (October 27, 2004); LR-19604 (March 9, 2006).



Modified: 02/02/2009