SEC Seeks Default Judgment Against GMC Holding

Law360, New York (November 7, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has asked for a default judgment in a case against a defunct company that allegedly duped investors out of over $2 million by lying about an energy-efficient motor device and offering unregistered stocks.

In a motion filed Thursday with the U.S. District Court for the Middle District of Florida, the SEC said that GMC Holding Corp. and its chief executive, Richard Brace, had not answered or otherwise opposed the complaint.

The company and Brace have also not recognized the wrongfulness...
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