SEC Wants Big Fines For Ex-Morgan Peabody Head

Law360, New York (June 30, 2010, 7:28 PM EDT) -- The U.S. Securities and Exchange Commission is seeking penalties that could total almost $260 million to punish the former CEO of broker-dealer Morgan Peabody Inc. and his companies for allegedly bilking investors.

David A. Williams should be ordered to disgorge $3.4 million in allegedly ill-gotten gains and pay substantial penalties as an example to others, the SEC said Wednesday in a motion filed with the U.S. District Court for the Central District of California.

Williams, a registered broker-dealer, used his sales force to raise $9 million...
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