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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities and Exchange Commission v. SBM Investment Certificates, Inc. et al


Case Number

8:06-cv-00866

Court

Maryland

Nature of Suit

Securities/Commodities

Judge

Deborah K. Chasanow

Date Filed

April 4, 2006

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.