SBM Money Manager Resolves $21M SEC Fraud Claims

Law360, New York (March 4, 2011, 10:08 PM EST) -- The head of SBM Investment Certificates Inc. agreed to step down from his post and pay a $131,000 penalty Friday to settle U.S. Securities and Exchange Commission allegations that he orchestrated a $21 million investment fraud scheme.

The SEC said in a Friday bulletin that it issued cease-and-desist orders against Eric Westbury under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940, finding that SBMIC and SBM Certificate Co. failed to maintain reserves and withheld information from...
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