Glenn E. Glasshagel

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 19911 / November 15, 2006

Accounting and Auditing Enforcement Release No. 2514 / November 15, 2006

SEC v. Glenn E. Glasshagel, Case No. 05-61159-CIV-Cooke/Brown

Court Enters Judgment of Permanent Injunction and Other Relief Against Defendant Glenn E. Glasshagel

The Securities and Exchange Commission announced that on November 1, 2006, the Honorable Marcia G. Cooke of the United States District Court for the Southern District of Florida entered a Judgment of Permanent Injunction and Other Relief against Defendant Glenn E. Glasshagel. Glasshagel consented to the entry of an injunction against future violations of Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934, and Rules 10b-5, 13b2-1 and 13b2-2 thereunder, and from aiding and abetting any future violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1 and 13a-13 thereunder. In addition, the Judgment bars Glasshagel from acting as an officer or director pursuant to Section 21(d)(2) of the Exchange Act, and provides for disgorgement and the imposition of a civil penalty to be determined by agreement of the parties or by the Court, upon motion by the Commission.

For more information on earlier actions in this case, see Litigation Release No. 19309 and Accounting and Auditing Enforcement Release No. 2280 (July 25, 2005).