Ex-Telco Exec Settles SEC Kickback Suit

Law360, New York (January 7, 2011, 8:45 PM EST) -- A federal judge has approved a settlement between former Telco Technology Inc. President Donald McKelvey and the U.S. Securities and Exchange Commission that resolves a case alleging the executive engaged in a kickback scheme involving Telco penny stocks.

McKelvey agreed to a permanent injunction barring him from violating the Securities Act and from participating in any offering of a penny stock, according to an order on Thursday from Judge James S. Moody in the U.S. District Court for the Middle District of Florida. McKelvey also will...
To view the full article, register now.