Stock Distributors To Disgorge $6M In SEC Settlement

Law360, New York (August 19, 2010, 5:26 PM EDT) -- A Florida company accused of engaging in a scheme to avoid securities registration requirements has agreed to disgorge $6.2 million in profits as part of a settlement with the U.S. Securities and Exchange Commission.

Judge Gregory A. Presnell of the U.S. District Court for the Middle District of Florida approved two consent judgments Wednesday against K&L International Enterprises Inc. and its president, Lawrence A. Powalisz.

K&L, which is described in the complaint as a purported direct marketing business, and co-defendants were accused of reaping $7 million...
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