Stephen Kovzan

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 22918 / February 4, 2014

Securities and Exchange Commission v. Stephen Kovzan, Civil Action No. 11-CV-2017-JWL (D. Kan., filed January 12, 2011)

Jury Finds Stephen Kovzan Not Liable for Securities Violations

On December 2, 2013, after a three-week trial, a seven-person federal jury found Steven Kovzan not liable for violating various provisions of the federal securities laws. On January 12, 2011, the Commission filed a Complaint against Kovzan alleging that he violated certain provisions of the federal securities laws by concealing perquisite compensation of the former Chief Executive Officer of NIC, Inc.