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

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.