U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23448 / January 20, 2016
Securities and Exchange Commission v. Nicholas Toms, Civil Action No. 8:16-cv-80096
Lit. Release No. 23448 / January 20, 2016
The Securities and Exchange Commission filed a complaint in the United States District Court for the Southern District of Florida against Nicholas Toms seeking enforcement of the Commission Order requiring him to pay disgorgement of $85,918, representing profits gained by Toms' conduct described in the Commission Order, prejudgment interest to the date of the Commission Order of $16,853.40, and a civil money penalty of $175,000.
Toms, age 67, a resident of Boca Raton, Florida and an attorney licensed to practice law in the State of New York, offered to settle cease-and-desist proceedings brought against him by the SEC alleging that Toms had violated and had caused DecisionPoint Systems, Inc. to violate, the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder.
Toms did not make payment, although he had promised to do so both before the entry of the Commission Order and afterwards. The SEC seeks in this action brought under Section 21(e)(1) of the Exchange Act to compel Toms to make payment.