U.S. Securities and Exchange Commission
Litigation Release No. 18810 / July 29, 2004
FINAL JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST MICHAEL FARNELL
SECURITIES AND EXCHANGE COMMISSION V. VECTOR MEDICAL TECHNOLOGIES, INC., MICHAEL H. SALIT, JAMES P. FARNELL, MICHAEL J. FARNELL, DAVID A. ZIMMERMAN AND STANLEY B. WASSER CASE NO. 03-80858-CIV-HURLEY (S.D. Fla.)
The Securities and Exchange Commission ("SEC") announced that on May 17, 2004, the United States District Court for the Southern District of Florida, entered a Final Judgment of Permanent Injunction and Other Relief ("Final Judgment") against Defendant Michael J. Farnell ("Farnell"). The Final Judgment, entered with Farnell's consent, enjoins him from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Sections 15(a) and 10b of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The Final Judgment also permanently bars Farnell from participating in a penny stock offering. In addition to injunctive relief, the Final Judgment provides for disgorgement and the imposition of a civil penalty in amounts to be reached by agreement of the parties and/or by the Court upon the SEC's motion.
For further information, see Litigation Release No. 18348 (September 12, 2003).