SEC Obtains Final Judgment Against Former Medical Diagnostics Company Chairman
Litigation Release No. 24425 / March 15, 2019
Securities and Exchange Commission v. Edward Withrow, et al., No. 15-cv-13348 (D. Mass. filed Sept. 14, 2015)
A federal district court in Boston, Massachusetts has entered a final judgment and an order in a microcap fraud case against California resident Edward Withrow III, the former chairman of a Massachusetts-based medical diagnostics company previously called Endeavor Power Corp. The Securities and Exchange Commission previously charged Withrow and two other defendants with a scheme to defraud potential investors in Endeavor's publicly traded stock.
On March 12, 2019, the court entered a consent judgment against Withrow, enjoining him from future violations of Sections 17(a)(1) and (3) of the Securities Act of 1933 and Sections 10(b), 13(d), and 16(a) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c), 13d-1(a), and 16a-3 thereunder. On the same date, the court issued an order prohibiting Withrow from serving as an officer or director and from participating in the offering of a penny stock for a period of five years.
The SEC's litigation against the other two defendants, Samuel Brown and Marco Babini, is pending.