SEC Seeks $1.5M From Ex-AMG Chief For Cooking Books

Law360, New York (May 24, 2011, 3:55 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday asked a Texas federal court to order the former president of foam manufacturer Advanced Materials Group Inc. to pay roughly $1.5 million for illegally inflating his company’s bottom line.

The SEC alleged that former President and Chief Financial Officer William G. Mortensen fraudulently inflated AMG’s publicly reported financial results in order to borrow more money and fund his lavish lifestyle. Mortensen consented to the final judgment.

"Mortensen created the false financial statements to enrich himself at the expense...
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Case Information

Case Title

Securities and Exchange Commission v. Mortensen et al


Case Number

3:10-cv-01142

Court

Texas Northern

Nature of Suit

Securities/Commodities

Judge

Jane J Boyle

Date Filed

June 9, 2010

Government Agencies

UK Financial Services

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