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U.S. Securities and Exchange Commission

U.S. Securities and Exchange Commission

Litigation Release No. 21914 / April 4, 2011

Securities and Exchange Commission v. Douglas A. Glaser, Civ. No. 05-cv-622-RPM, District of Colorado.


The U.S. Securities and Exchange Commission announced today that on March 22, 2011, the United States District Court for the District of Colorado granted the Commission’s motion for default judgment and entered a Final Judgment against Douglas A. Glaser in a pending civil action. The Final Judgment enjoins Glaser from violations of Sections 5 and 17(a) of the Securities Act of 1933; Sections 10(b), 13(d), and 16(a) of the Securities Exchange Act of 1934; and Rules 10b-5, 13d-1, 13d-2, 16a-3, and Rule 101 of Regulation M, thereunder. In addition, the Court ordered Glaser to pay disgorgement of $165,981.16, prejudgment interest of $88,781, and a civil penalty of $150,000. Finally, the Court barred Glaser from participating in an offering of penny stock.

According to the Complaint in this matter, during December 2002 through at least August 2003, Glaser and seven other defendants engaged in a scheme to defraud the investing public by using materially false and misleading public statements and manipulative stock trading to create an artificial market for and to sell the stock of SeaLife Corporation without registration or valid exemption under the securities laws. The Complaint alleged that Glaser engaged in manipulative stock trading, such as matched trading with other defendants, to falsely create the appearance of trading volume. The Complaint also alleged that during the stock manipulation, Glaser illegally sold SeaLife stock in unregistered transactions. The entry of Final Judgment against Glaser concludes this litigation.



Modified: 04/04/2011