Litigation Release No. 18457 / November 14, 2003
FINAL JUDGMENT SETTING DISGORGEMENT AND IMPOSING CIVIL PENALTIES AGAINST DEFENDANTS JEAN LECLERCQ, KIP MARSIQUE AND FREDERICK SHAPIRO
Securities and Exchange Commission v. Starcash, Inc., et al., Case No. 02-80456-CIV-MIDDLEBROKS (USDC/SD FL)
The Securities and Exchange Commission announced that on October 29, 2003, the United States District Court for the Southern District of Florida entered a Final Judgment Setting Disgorgement and Imposing Civil Penalties (Final Judgment), against Defendants Jean Leclercq (Leclercq), Kip Marsique (Marsique) and Frederick Shapiro (Shapiro). The Final Judgment stems from their conduct in a fraudulent unregistered securities offering to raise investor funds for Starcash, Inc. (Starcash), a purported payday advance loan business. The Final Judgment orders Leclercq, Marsique and Shapiro to jointly and severally pay $6,729,584 in disgorgement and $443,108.78 in prejudgment interest. It also orders Leclercq, Marsique and Shapiro to each pay $120,000 in civil penalties. The Final Judgment also provides for the dismissal of disgorgement and civil penalties against Defendants Starcash, and Infinity Consulting Services, Inc., and dismissal of disgorgement against Relief Defendants Starcash Consulting Inc., Starcash Industries, Inc., and Starcash Media, Inc. All of the corporate defendants and relief defendants are in receivership.
For more information on earlier actions in this case, see Litigation Release No. 17805 (October 24, 2002), Litigation Release No. 17751 (September 26, 2002), Litigation Release No. 17526 (May 21, 2002).