U.S. Securities and Exchange Commission
Litigation Release No. 18920 / October 6, 2004
JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF AS TO DEFENDANTS ROBERT A. MAGNAN AND INVESTMENT RECOVERY NETWORK
SECURITIES AND EXCHANGE COMMISSION V. ROBERT A. MAGNAN, INVESTMENT RECOVERY NETWORK, INC., JOHN DELPRINCE, AND OLD DOMINION SECURITIES, INC. CASE NO. 8:03-CV-321-T-27 TBM
The Securities and Exchange Commission ("SEC") announced that on October 5, 2004, the United States District Court for the Middle District of Florida entered Judgments of Permanent Injunction and Other Relief ("Judgments") against Defendants Robert A. Magnan ("Magnan") and Investment Recovery Network ("IRN"). The Judgments, entered with Magnan's and IRN's consent, enjoins them from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder. The Judgment as to Magnan also enjoins him from violating Section 15(b) of the Exchange Act, and permanently bars Magnan from participating in a penny stock offering. In addition to injunctive relief, the Judgment as to Magnan orders him to pay disgorgement in the amount of $125,000, and waives payment of an additional $67,500 in disgorgement and prejudgment interest, and does not impose a civil penalty. The Judgment as to IRN dismisses the Commission's claims for disgorgement and civil penalties.
For further information, see Litigation Releases No. 17997 (February 25, 2003) and No. 18287 (August 13, 2003).