Alleged $32M Fraud Scheme Leads To Injunction

Law360, New York (June 12, 2007, 12:00 AM EDT) -- Three men and their companies have been permanently barred from committing future securities law violations and ordered to pay nearly $14 million for allegedly defrauding investors out of $32 million through a nonexistent bank trading program.

The U.S. Securities and Exchange Commission announced on Friday that orders of permanent injunction were filed in an Indiana district court against Melvin R. Lyttle, Paul E. Knight, John L. Montana Jr. and their respective companies. All the defendants were permanently enjoined from violating antifraud and registration provisions of securities...
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