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U.S. SECURITIES & EXCHANGE COMMISSION

Litigation Release No. 18019 \ March 6, 2003.

SECURITIES LAW VIOLATOR SENTENCED FOR CONSPIRACY TO COMMIT SECURITIES FRAUD, COUNTERFEIT SECURITIES VIOLATIONS AND MONEY LAUNDERING

United States v. Mark Cecil Thurman, Case No. 01-6044-CR-Hurley (S.D. Fla.)

Mark Cecil Thurman, who was the subject of a Securities and Exchange Commission (SEC) injunctive action, pleaded guilty to conspiracy to commit securities fraud, counterfeit securities violations and money laundering and has been sentenced to jail. The charges against Thurman arose out of the same misconduct that was the basis for a SEC Complaint filed March 9, 2001. The SEC obtained injunctive and other relief from Thurman by his consent without admitting or denying the allegations in SEC v. Families On Line Corporation, Mark C. Thurman, and Robert D. Fiene, Litigation Release No. 16930 (Mar. 3, 2001).

On March 9, 2001, the United States Attorney's Office for the Southern District of Florida (USAO) indicted Mark Cecil Thurman of Fort Lauderdale, Florida, charging him with conspiracy to commit securities fraud, counterfeit securities violations, money laundering and wire fraud. The indictment was based on allegations that Thurman violated the law by convincing investors to purchase stock in Families On Line, Thurman's filtered internet service provider, and then misappropriating those funds. The indictment alleged that Thurman and others:

  • solicited and received funds from investors between July 1999 and March 2001, while he was the chief executive officer of Families On Line;

  • made material false statements, omitted material facts, and generated fraudulent documents to support the false representations; and

  • used investor funds for his own benefit.

Thurman pleaded guilty on October 11, 2002 to one count of conspiracy to commit securities fraud, counterfeit securities violations, and money laundering. In addition, Thurman pleaded guilty to one count of wire fraud. On February 25, 2003, Thurman, age 43, was sentenced to a term of eight years imprisonment and ordered to pay more than $4.2 million in restitution to his victims.

 

http://www.sec.gov/litigation/litreleases/lr18019.htm

Modified: 03/07/2003