U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 18947 / October 27, 2004
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.)
JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANT MICHAEL H. SALIT
The Securities and Exchange Commission announced that on October 8, 2004, the United States District Court for the Southern District of Florida entered a Judgment of Permanent Injunction and Other Relief against Defendant Michael H. Salit. The Judgment, entered with Salit's consent, enjoins him from further violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Sections 15(a) and 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Judgment also permanently bars Salit from participating in any penny stock offering and permanently bars him from acting as an officer or director of any publicly traded company. In addition, the Judgment orders Salit to pay disgorgement in the amount of $486,000, representing the ill-gotten gains he received, and prejudgment interest in the amount of $10,995.75 within 30 days. The Judgment also provides for the imposition of a civil penalty, to be determined at a later date.
For more information on earlier actions in this case, see Litigation Releases No. 18348 (September 12, 2003), No. 18810 (July 29, 2004) and No. 18866 (September 2, 2004).