Advanced Tech To Pay $19M Over Illegal Stock Sales

Law360, New York (January 14, 2011, 3:41 PM EST) -- Advanced Technologies Group Ltd. and two executives have agreed to disgorge about $19.2 million to settle a suit alleging they sold unregistered stock in the company and used the proceeds to fund lavish lifestyles.

Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York filed two final judgments Thursday, disposing the U.S. Securities and Exchange Commission's suit against ATG, Alexander Stelmak and Abelis Raskas.

Stelmak, ATG's founder, chairman, CEO and chief financial officer, and the company itself agreed to disgorge...
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