U.S. Securities and Exchange Commission
Litigation Release No. 18155 / May 22, 2003
Securities and Exchange Commission v. Edward Gurin, Joshua Gurin, and Trinarc Corporation, Defendants. 01 Civ. 1649 (WK) (S.D.N.Y.)
The Securities and Exchange Commission announced today that on May 16, 2003, the United States District Court for the Southern District of New York entered a final judgment on consent against defendants Edward Gurin and Trinarc Corporation, whom the Commission charged with defrauding investors by soliciting investors to invest in unregistered, and at times, non-existent securities of private companies. The Final Consent Judgment entered against E. Gurin and Trinarc permanently enjoins E. Gurin and Trinarc from future violations of the antifraud provisions of the federal securities laws, and requires E. Gurin and Trinarc to disgorge over $2.5 million in ill-gotten gains and interest.
The Final Consent Judgment and the Commission's order resulted from a civil injunctive action commenced by the Commission on February 26, 2001, alleging that beginning in 1999, E. Gurin, and Trinarc, and E. Gurin's father, defendant Joshua Gurin, used material misrepresentations to induce investments in the unregistered stock of Trinarc and in non-existent warrants of Actium Pharmaceuticals, Inc. The Complaint charged the defendants with violating Section 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5. In addition to permanent injunctions and disgorgement plus prejudgment interest, the complaint sought various forms of emergency relief, including preliminary injunctions and asset freezes, which the Court granted on February 26, 2001. The final judgments against defendants E. Gurin and Trinarc permanently enjoin the defendants from future violations of the federal securities laws, and require the disgorgement of ill-gotten gains plus prejudgment interest of $2,657,794.33 and $603,619.63, respectively. In addition, on May 12, 2003, the Court entered an order granting the Commission's motion to dismiss its case against defendant Joshua Gurin, who died on October 10, 2001.