UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16822 / December 11, 2000
Securities and Exchange Commission v. Eugene J. Yelverton, Jr., Civil Action No. 3:00-CV-324LN (SDMS December 1, 2000)
The Securities and Exchange Commission announced today that the Honorable Tom S. Lee, United States District Judge for the Southern District of Mississippi, entered a Judgment against defendant Eugene J. Yelverton, Jr. ("Yelverton") to compel his payment of $27,000 in disgorgement, plus $1,605 in prejudgment interest.
On March 31, 1999, the Commission's order issued in the administrative proceeding In the Matter of Eugene J. Yelverton, Jr., File No. 3-9859, found that Yelverton violated the antifraud provisions of the federal securities laws in connection with numerous offerings of urban renewal revenue notes. Yelverton was ordered to pay disgorgement in the amount of $877,350, but all except $30,000 of that amount was waived due to a demonstrated inability to pay. Yelverton consented to the issuance of the order, but has failed to pay $27,000 of the disgorgement.
On April 24, 2000, the Commission filed a Complaint which sought to have an order issued pursuant to Section 21(e) of the Securities Exchange Act of 1934, requiring Yelverton to comply with the Commission's order by paying the $27,000 disgorgement, plus prejudgment interest.
Yelverton was a consultant, subsequent shareholder, and municipal securities principal of Thorn, Welch & Co., Inc.
See also: L. R. 16533 (May 1, 2000)