U.S. Securities and Exchange Commission
Litigation Release No. 21946 / April 22, 2011
SECURITIES AND EXCHANGE COMMISSION v. CHARLES C. SLOWEY, JR., et al., Civil Action No. 09 Civ. 4547 (LDW) (ETB) (E.D.N.Y.)
COURT ENTERS FINAL JUDGMENT AGAINST DEFENDANT GREGORY L. OLDHAM
The Securities and Exchange Commission announced that on April 20, 2011, the Honorable Leonard D. Wexler of the United States District Court for the Eastern District of New York entered a final judgment on consent against Defendant Gregory L. Oldham, a former registered representative of Advanced Planning Securities, Inc., a former registered broker-dealer. The judgment (i) permanently enjoins Oldham from violating Section 5 of the Securities Act of 1933 and (ii) finds Oldham liable for disgorgement and prejudgment interest of $673,989, but waives payment of that amount and imposes no civil penalty based on Oldham’s sworn statement of financial condition and other documents. Oldham consented to the entry of the judgment without admitting or denying any of the allegations of the Commission’s complaint.
The Commission’s complaint, filed on October 22, 2009, alleges that from 2004 through 2006, Oldham violated the registration provisions of the securities laws by selling securities for which there was no registration statement in effect. Among other things, the complaint alleges that Oldham sold securities to elderly, unsophisticated investors who could not have been expected to understand the risks associated with the investments.
In addition to the relief described above, Oldham consented to the entry of an order in a separate Commission administrative proceeding barring him from association with any broker, dealer, or investment adviser with the right to reapply for association after eighteen months.
For additional information, see Litigation Release No. 21258 (Oct. 22, 2009).