SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 18274 /August 6, 2003
FINAL DEFAULT JUDGMENT ENTERED SETTING AMOUNT OF DISGORGEMENT AND CIVIL PENALTIES AS TO PAUL RICHARD BELL AND OFFICER/DIRECTOR BAR
SECURITIES AND EXCHANGE COMMISSION V. FIRST FLORIDA COMMUNICATIONS, INC., ET AL., Case No. 2:02-0231B (Dist. of Utah)
The Securities and Exchange Commission (SEC) announced that the Honorable Dee Benson, United States District Court Judge for the District of Utah, entered a Final Default Judgment Setting Amount of Disgorgement and Civil Penalties (Final Default Judgment) against Defendant Paul Richard Bell (Bell) on June 13, 2003. The Final Default Judgment against Bell orders him to pay $75,000 in disgorgement, representing his gains from the conduct alleged in the Complaint and prejudgment interest in the amount of $4,406.20. The Final Default Judgment also orders Bell to pay a civil penalty in the amount of $110,000. Pursuant to a Default Final Judgment of Permanent Officer/Director Bar entered on July 31, 2003, Bell is also prohibited from acting as an officer and director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act.
The disgorgement, civil penalties and officer/director bar were imposed pursuant to a Default Judgment of Permanent Injunction entered against Bell on March 24, 2003, permanently enjoining him from further violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
See also Litigation Release No. 17437 (March 26, 2002)