Ex-Broker Settles SEC Pump-And-Dump Suit

Law360, New York (June 30, 2011, 4:25 PM EDT) -- An imprisoned former investment broker on Thursday settled a U.S. Securities and Exchange Commission suit in New York alleging he duped brokerage houses into selling millions of shares of a co-conspirator's oil company and other lightly traded stocks.

Eric T. Seiden — who is serving a one-year prison term for his role in the pump-and-dump scheme — consented to an order permanently enjoining him from future securities violations, though he still faces possible disgorgement and civil penalties in the civil case.

According to the SEC, Kamal...
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Case Information

Case Title

Securities And Exchange Commission v. Seiden


Case Number

1:09-cv-03116

Court

New York Eastern

Nature of Suit

Securities/Commodities

Judge

Kiyo A. Matsumoto

Date Filed

July 20, 2009

Government Agencies

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