U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 21575 / June 25, 2010

COURT ENTERS JUDGMENT OF PERMANENT INJUNCTION AGAINST DEFENDANT RICARDO H. GOLDMAN

Securities and Exchange Commission v. Ricardo H. Goldman, Case No. 08-22666-CIV-LENARD/GARBER (S.D. Fla.)

The Commission announced that on January 20, 2010, the United States District Court for the Southern District of Florida entered a Final Judgment Setting Disgorgement and Imposing a Civil Penalty against Defendant Ricardo H. Goldman.  The Final Judgment orders Goldman to pay disgorgement in the amount of $260,360, prejudgment interest of $104,849 and imposes a civil penalty of $130,000.  The Court had previously entered a Judgment of Permanent Injunction and Other Relief, by consent, against Goldman.

The Commission began this action by filing its complaint against Goldman on September 25, 2008, alleging he fraudulently operated an unregistered day trading brokerage firm through his company, E Trade Fund LLC.  The complaint further alleged, among other things, that Goldman solicited traders, primarily from the Hispanic community, to invest approximately $2.1 million in the day trading operation.  Goldman provided securities day trading capability to E Trade Fund’s more than 110 traders and permitted them to day trade securities in E Trade Fund’s own brokerage account at a registered broker-dealer through sub-accounts Goldman created for each trader.

E Trade Fund is not affiliated with E*TRADE Financial Corporation, the broker-dealer that is registered with the Commission.

For additional information, see Litigation Release No. 20746 (September 25, 2008), and Release No. 21111 (June 30, 2009).

 
http://www.sec.gov/litigation/litreleases/2010/lr21575.htm

Last modified: 6/25/2010