Tire Recycling Exec Settles $7M Kickbacks Suit

Law360, New York (April 29, 2011, 7:58 PM EDT) -- The president and CEO of a Colorado tire recycling company and an outside consultant agreed Friday in Florida to pay the U.S. Securities and Exchange Commission a combined $164,000 for their roles in an alleged $7 million stock kickback scheme.

Starting in 2008, Magnum d'Or Resources Inc. President and CEO Joseph J. Glusic allegedly gave millions of shares of stock to three consultants under fraudulent Form S-8 registration statements. The three consultants, Dwight Flatt, David Della Sciucca Jr. and Shannon Allen, then quickly sold their holdings,...
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