U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19415 / October 5, 2005
Securities and Exchange Commission v. Spear & Jackson, Inc., Case No. 04-CIV-80354 (S.D.Fla., filed April 15, 2004)
FINAL JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANT KERMIT SILVA
The Securities and Exchange Commission announced that on September 29, 2005, the United States District Court for the Southern District of Florida entered a final judgment of permanent injunction against Kermit Silva (Silva) in the case of his company's use of false information to tout Spear & Jackson stock to registered representatives and broker-dealers around the country. Silva has consented to the entry of an injunction against future violations of Sections 5(a), 5(c), 17(a) and 17(b) of the Securities Act of 1933 and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In addition, the final judgment orders Silva to pay $336,307 in disgorgement, plus prejudgment interest of $23,952, and a $60,000 civil penalty, and bars him from participating in any offering of a penny stock for a period of three years.
For more information on earlier actions in this case, see Litigation Release No. 18668 (April 16, 2004), Litigation Release No. 19072 (February 10, 2005).