U.S. Securities and Exchange Commission
Litigation Release No. 18771 / June 29, 2004
FINAL JUDGMENTS OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST VIRTUAL CASH CARD LLC, ERIC L. TURNER, KENNETH M. MAY AND ANTHONY JOSEPH PINONE
Securities and Exchange Commission v. Virtual Cash Card LLC d/b/a Virtual Cash, Eric L. Turner, Kenneth M. May, Omni Advertising, Inc., Anthony Joseph Pinone (Defendants) and Virtual Cash Card International, Inc., Omni Advertising and Marketing, Inc., Kenance Consulting, Inc. (Relief Defendants), Case No. 02-61672-CIV-ROETTGER (S.D. Fla.)
The Securities and Exchange Commission ("SEC") announced that on January 30, 2004, February 10, 2004 and February 11, 2004, the United States District Court for the Southern District of Florida entered Final Judgments of Permanent Injunction and Other Relief ("Final Judgments") against Eric L. Turner ("Turner"), Kenneth M. May ("May"), Virtual Cash Card LLC ("Virtual Cash") and Anthony Joseph Pinone ("Pinone"), respectively. The Final Judgments, entered with the consent of Turner, May and Virtual Cash, without admitting or denying the allegations of the SEC's Complaint, enjoin them from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Sections 15(a)(1) and 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The Final Judgment as to Pinone, also entered with his consent and without admitting or denying the allegations of the SEC's Complaint, enjoins him from violations of Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 15(a)(1) of the Securities Exchange Act of 1934. In addition to injunctive relief, the Final Judgments order Turner and May to pay disgorgement in the amounts of $41,360 and $32,031, plus prejudgment interest in the amounts of $1,077.11 and $834.16, respectively, and find them jointly and severally liable for disgorgement in the amount of $320,0000, plus prejudgment interest of $7,537.50. The Final Judgment entered against Pinone orders him to pay disgorgement in the amount of $142,500, but partially waives the disgorgement amount and does not impose a civil penalty based upon the Sworn Statement of Financial Condition and other supporting documentation submitted by Pinone. On February 18, 2004, the SEC filed a notice voluntarily dismissing, with prejudice, its claims against Defendants Virtual Cash Card International, Inc., Omni Advertising and Kenance Consulting, Inc. and its remaining monetary claims for disgorgement and civil penalties against Defendants Virtual Cash Card LLC and Omni Advertising, Inc.
For further information, see Litigation Release No. 17868 (December 2, 2002).