GMC Holding Ordered To Disgorge $2M To SEC

Law360, New York (March 3, 2009, 12:00 AM EST) -- A federal judge has granted the U.S. Securities and Exchange Commission's request for a default judgment against GMC Holding Corp., ordering the defunct company to hand over the more than $2 million it allegedly swindled from investors by lying about an energy-efficient motor device and offering unregistered stocks.

On Thursday, U.S. District Judge John Antoon II approved the SEC's request and issued a judgment against GMC and Chief Executive Richard Brace, ignoring the magistrate judge's suggestion that the injunctive relief sought be denied, according to papers...
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