Fla. Tire Biz Must Pay $8.7M In SEC Stock Inflation Suit

Law360, New York (February 13, 2012, 5:00 PM EST) -- Magnum d'Or Resources Inc., a purported tire recycling business headquartered in Florida, must cough up nearly $8.7 million, a federal judge in Miami ruled Monday, after securities regulators accused the company of pumping up its stock and pocketing the profits.

U.S. District Judge Adalberto Jordan closed the book on the Magnum d'Or case after the U.S. Securities and Exchange Commission previously won judgments against four individuals who also were named as defendants in the civil fraud suit lodged in April.

Starting in 2008, Magnum d'Or, its...
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