SEC Puts Cork In $22M Suit Over Illicit Wine Offerings

Law360, New York (February 15, 2012, 4:24 PM EST) -- A British citizen and two of his companies on Wednesday settled U.S. Securities and Exchange Commission allegations in Texas federal court that they raised about $22 million through unregistered securities offerings involving fine wine interests and funding for the businesses.

Venulum Ltd., Venulum Inc. and Giles Cadman, their owner and chairman, agreed to final judgments permanently enjoining them from further violations of Section 5 of the Securities Act of 1933, according to stipulations that the SEC filed Wednesday along with its complaint.

The court still has to...
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