U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22960 / April 1, 2014
Securities and Exchange Commission v. Simon, Civil Action No. 13-cv-80808-RYSKAMP/HOPKINS
District Court Enters Final Judgment Ordering Civil Penalty Against Defendant Sheldon Simon and Order Dismissing Case
The Commission announced that on March 18, 2014, the United States District Court for the Southern District of Florida entered a Final Judgment ordering Defendant Sheldon Simon by Consent to pay a civil penalty of $3,000.
The Court previously had entered by default a Permanent Injunction against Defendant Sheldon Simon, enjoining him from violations of Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 and Section 17(a) of the Securities Act of 1933. The Court also barred Simon from participating in an offering of a penny stock. In addition, at the Commission's request, District Judge Kenneth L. Ryskamp dismissed the Commission's claims against Simon for disgorgement and prejudgment interest, based on the parallel federal criminal case, where Simon was convicted of wire fraud and sentenced to two years of supervised release, and an order of forfeiture.
The Commission commenced this action by filing its Complaint on August 14, 2013, against Simon. The Complaint alleges violations of the antifraud provisions of the federal securities laws.
For more information on earlier actions in this case, see Litigation Release No. 22780 (Aug. 14, 2013).