2nd Atty In $300M Gold Ponzi Scheme Settles With SEC

Law360, New York (January 27, 2012, 5:38 PM EST) -- The U.S. Securities and Exchange Commission on Friday settled claims in Washington state against an attorney involved in a gold investment firm's $300 million Ponzi scheme, the firm's second lawyer to strike a deal with the regulator in a week.

Florida attorney Larry Lee Adair, former president of Syndicated Gold Depository Inc., agreed to a permanent injunction barring him from ever serving as a securities officer again and to pay disgorgement of ill-gotten gains, prejudgment interest and civil penalties in an amount to be determined later,...
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