Israeli Investor, SEC Reach Deal In $55M Fraud Case

Law360, New York (July 15, 2010, 2:42 PM EDT) -- An Israeli investor accused of participating in a kickback scheme that raked in about $55 million in illegal profits has followed up a guilty plea by settling parallel civil allegations brought by the U.S. Securities and Exchange Commission.

A motion to approve a consent judgment against the investor, Zev Saltsman, was filed Wednesday in the U.S. District Court for the Eastern District of New York. Under the settlement, Saltsman agreed that the court shall determine disgorgement of ill-gotten gains, prejudgment interest and a civil penalty....
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