SEC Sues 21 Parties Over $156M Scheme

Law360, New York (June 4, 2008, 12:00 AM EDT) -- All but one of the defendants in a suit the U.S. Securities and Exchange Commission filed over a securities offering fraud that raised $156 million and victimized more than 1,300 investors has consented to the injunctive relief sought by the commission.

However, with respect to all but two of those settling defendants, the determination of how much they should pay in disgorgement and civil penalties remains on the table, SEC attorney Stephen Webster said Wednesday.

Steven L. Tallman agreed to an order holding him liable for...
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