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Prison And Stiff Fines For Watch Hill Defendants

Law360 (December 6, 2005, 12:00 AM EST) -- Already facing years in jail and millions of dollars in fines, a former executive of defunct Watch Hill Capital Management has received final judgment by consent in the SEC’s case against his allegedly fraudulent sale of $40 million in securities.

The Securities and Exchange Commission in July 2002 accused Watch Hill, manager Dennis S. Herula, and his fellow principal Claude Lefebvre of falsely promising investors exorbitant returns, up to 100% per week, through a fraudulent prime bank trading program.

As part of the alleged scheme, the...
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