Litigation Release No. 19913 / November 15, 2006

SEC v. Rhino Ecosystems, Inc., et al., Case No. 02-80768-CIV-HURLEY/LYNCH (S.D. Fla.)

Court Adopts Magistrate's Report and Recommendation and Orders Melvin Levine to Pay a Civil Penalty of $55,000

The Securities and Exchange Commission announced that on October 12, 2006, the Honorable Daniel T. K. Hurley, United States District Court for the Southern District of Florida adopted in full Magistrate Judge Frank J. Lynch's report and recommendation and ordered Melvin Levine to pay a civil money penalty in the amount of $55,000.

Previously, on October 5, 2004, Judge Hurley entered a Judgment of Permanent Injunction and Other Relief against Levine. Levine consented to the entry of an injunction against future violations of Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The Commission alleged in its Complaint that Levine and others made materially false and misleading statements and failed to disclose material information in filings with the Commission in violation of the federal securities laws.

For more information on earlier actions in this case, see Litigation Release No. 17685 (August 15, 2002); Litigation Release No. 19070 (February 9, 2005), Litigation Release No. 19071 (February 9, 2005), Litigation Release No. 19362 (September 6, 2005) and Litigation Release No. 19440 (October 21, 2005).