SBM Held In Contempt For Neglecting SEC Fraud Order

Law360, New York (March 2, 2012, 5:40 PM EST) -- SBM Investment Certificates Inc. and its CEO should be held in contempt for defying the terms of a settlement intended to protect public investors in the wake of an alleged $21 million fraud scheme, a Maryland federal judge ruled Friday.

U.S. District Judge Deborah K. Chasanow granted the U.S. Securities and Exchange Commission’s motion to hold SBM and CEO Eric Westbury in contempt for not retaining an independent consultant to report on the company’s compliance with securities laws within 30 days of a February 2011 consent...
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