Litigation Release No. 19887 / October 25, 2006

Securities and Exchange Commission v. Bruce M. Perry and M. Brooks Turkel, Civil Action No. 05-21525-CIV-Martinez (S.D. FL)

Final Judgment Entered Against Defendant Bruce M. Perry

The Securities and Exchange Commission announced that on October 19, 2006, the Honorable Jose Martinez, United States District Judge for the Southern District of Florida entered a Final Judgment against Defendant Bruce M. Perry ("Perry"). The Final Judgment, entered with Perry's consent, without admitting or denying the allegations of the Commission's complaint, orders him to pay a civil penalty in the amount of $40,000.

Previously, on December 12, 2005, the Court entered a Final Judgment against M. Brooks Turkel ("Turkel") ordering him to pay a civil penalty in the amount of $35,000.

The Commission commenced this action by filing its complaint on June 8, 2005, against Perry and Turkel. The complaint charged Perry and Turkel with securities fraud in connection with the offer and sale of municipal bonds issued in May 2001, by Mount Sinai Medical Center of Florida, Inc. ("Mount Sinai"), a hospital based in Miami Beach, Florida. Perry and Turkel were senior officers of Mount Sinai. Specifically, Perry was the hospital's chief executive officer from January 1999 through October 2001, and Turkel was its chief financial officer from December 1999 through July 2001 and then its chief planning officer from July 2001 until October 2001. The Complaint further alleged that defendants made material misrepresentations and omissions in the Official Statements and other documents disseminated to investors in connection with a series of three bonds issued by Mount Sinai in May 2001.

For additional information, see Litigation Releases No. 19256 (June 8, 2005), and No. 19522 (January 2006).