U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21477 / April 6, 2010
DISTRICT COURT ENTERS JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF AGAINST DEFENDANT WILLIAM L. GUNLICKS
Securities and Exchange Commission v. Founding Partners Capital Management Co, et. al., Case No. 02-09-cv-229-FtM-29DNF (M.D. Fla.)
The Commission announced that on March 4, 2010, the United States District Court for the Middle District of Florida entered a Judgment of Permanent Injunction and Other Relief against Defendant William L. Gunlicks. The Judgment enjoins Gunlicks from violating Section 17(a) of the Securities Act of 1933, Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934, and Sections 206(1), 206(2), 206(4) and Rule 206(4)-8 of the Investment Advisers Act of 1940. The Judgment also orders Gunlicks to pay disgorgement, prejudgment interest and a civil money penalty, in an amount to be determined by the Court upon a motion of the Commission. Gunlicks consented to the entry of the judgment without admitting or denying the allegations in the Complaint.
The Commission filed a complaint against Gunlicks and his firm, Founding Partners Capital Management Co. on April 20, 2009, alleging they defrauded investors by misrepresenting the nature of $550 million in investments, failed to disclose to all investors and comply with a prior Commission order in 2007.
For more information on earlier actions in this case, see Litigation Release No. 21010 (Apr. 23, 2009).