SEC, EWealth President Settle $7M IPO Fraud Suit

Law360, New York (January 15, 2010, 7:06 PM EST) -- The president of purported personal financial portal eWealth Holdings Inc. has reached a settlement with the U.S. Securities and Exchange Commission in a $7 million securities fraud suit that accuses him of making misleading statements in unregistered offerings of company securities.

Donald Cunningham and the SEC filed a final consent judgment on Thursday in the U.S. District Court for the Southern District of New York.

The SEC sued Cunningham, eWealth Securities Inc., eWealth Holdings Inc. and several other individual defendants in 2002, alleging that since 2000...
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