SEC Gets $25M Ruling In Unregistered Securities Case

By Cara Salvatore (October 16, 2015, 10:03 PM EDT) -- A New York federal magistrate judge recommended a $24.5 million judgment against offshore investment company Gibraltar Global Securities and a principal on Friday, saying the U.S. Securities and Exchange Commission's requests for disgorgement were a "fair approximation" of what the company reaped through its unregistered sales of securities.

The company's often U.S.-based customers were allegedly sold securities, including unregistered ones in a company called Magnum d'Or, that allowed the clients to remain anonymous and avoid taxes, according to the SEC's April 2013 complaint against the Bahamian company. The SEC said the unregistered company advertised a range of standard brokerage services to...

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