U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17502 / May 2, 2002
Securities and Exchange Commission v. William S. Cordo, Mitchell S. Davis and John A. Blount, Civil Action No. 00-08392-CIV-RYSKAMP (S.D. Florida, West Palm Beach Division) (complaint filed May 15, 2000)
The Securities and Exchange Commission (SEC) announced that it has settled its claims for disgorgement and penalties against John A. Blount, the last remaining defendant in litigation arising out of an unregistered securities offering of foreign currency transactions. In a complaint filed on May 15, 2000, the SEC alleged that Blount, a sales agent for International Currency Consultants, Inc., violated the antifraud and securities and broker-dealer registration provisions of the federal securities laws. On November 9, 2000, the Court entered a permanent injunction against Blount, on consent, that enjoined him from violating Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Sections 10(b) and 15(a)(1) of the Securities Exchange Act of 1934.
Blount has consented to the entry of a final judgment that orders him to disgorge $48,200, but that waives payment of such disgorgement, and does not impose civil money penalties, based on Blount's sworn representations in his Statement of Financial Condition and other documents submitted to the Commission. The Court entered the final judgment against Blount on March 26, 2002.