Ex-Telco Exec Settles SEC Kickback Suit

Law360, New York (January 7, 2011, 8:45 PM EST) -- A federal judge has approved a settlement between former Telco Technology Inc. President Donald McKelvey and the U.S. Securities and Exchange Commission that resolves a case alleging the executive engaged in a kickback scheme involving Telco penny stocks.

McKelvey agreed to a permanent injunction barring him from violating the Securities Act and from participating in any offering of a penny stock, according to an order on Thursday from Judge James S. Moody in the U.S. District Court for the Middle District of Florida. McKelvey also will...
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