Telco Exec Can't Escape SEC Kickback Action

Law360, New York (August 11, 2010, 4:27 PM EDT) -- A federal judge has denied competing motions for summary judgment in a dispute pitting the former president of Telco Technologies Inc. against the U.S. Securities and Exchange Commission, which alleged the executive engaged in a kickback scheme involving Telco penny stocks.

Judge James S. Moody Jr. of the U.S. District Court for the Middle District of Florida issued the ruling Tuesday, saying it was unclear whether former Telco President Donald R. McKelvey and Howard A. Scala, who bought Telco stock through Wall Street Communications Inc. and...
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