Securities and Exchange Commission
Litigation Release No. 18061 / April 1, 2003
Judges Issues Decision in Commission v. Lowy
Securities and Exchange Commission v. John B. Lowy, C.A. No. 98-CV-4605 (JS) (E.D.N.Y. March 24, 2003)
The Commission announces that Judge Joanna Seybert of the United States District Court for the Eastern District of New York, Long Island Division, issued a fifty-eight (58) page decision after a ten (10) day bench trial in March 2001 finding that the Defendant, John B. Lowy was not reckless in his actions and omissions as the sole officer of Security Asset Management, Inc., and counsel to, and shareholder in, Latin American Resources, Inc. The action related to the companies' publicly claimed acquisition of four Brazilian plantations in 1991 and their publicly reported value of over five million dollars ($5,000,000). The action is dismissed.