U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22976 / April 23, 2014
Securities and Exchange Commission v. Persaud, Civil Action No. 12-cv-932-Orl-28GJK
District Court Enters Final Judgment Against Defendant Gurudeo Persaud
The Commission announced that on January 29, 2014, the United States District Court for the Middle District of Florida granted the Commission's Motion for Summary Judgment on the Commission's claims against Defendant Gurudeo Persaud under Sections 5 and 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 ("Exchange Act"). The Court imposed injunctions prohibiting Persaud from violating these provisions of the Securities Act and the Exchange Act, and ordered him to pay disgorgement and civil penalties.
On April 18, 2014, the Court entered a Final Judgment by consent against Defendant Persaud on the remaining claims in the Commission's Complaint against him. The Court enjoined Persaud from violations of Sections 206(1), (2), and (4) and Rules 206(4)-(8)(a)(1) and (2) of the Investment Advisors Act of 1940 ("Investment Advisers Act"), and ordered him to pay disgorgement of $121,660 and prejudgment interest in the amount of $5,266.94, for a total of $126,926.94. The Commission dismissed its civil penalty claim against Persaud, who pled guilty to charges in a parallel criminal case, was ordered to pay restitution of $948,340 to his victims, and is currently serving a three-year prison sentence.
The Commission commenced this action by filing its Complaint on June 25, 2012, against Gurudeo Persaud. 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. 22399 (Jun. 25, 2012).