$4.8m Fines Against Marco Glisson Over Deregistered Securities
The US Securities and Exchange Commission announced that a judgment was entered against Marco Glisson, filed in the United States District Court of Nevada.
Without admitting or denying the allegations in the complaint, Glisson consented to the court’s ruling. Glisson was ordered to pay $2,765,650.65 in disgorgement, which represented profits gained as a result of the conduct alleged in the complaint, together with prejudgment interest in the amount of $670,574.79.
In addition, Glisson was ordered to pay a civil penalty in the amount of $1,400,000, and was permanently barred from participating in the offering of penny stock.
The SEC’s complaint alleged that from December 2005 through April 2007, Glisson acted as an unregistered broker or dealer and illegally sold deregistered securities of CMKM Diamonds, Inc.
CMKM’s registration with the SEC was revoked and the stock delisted on October 28, 2005. According to the complaint, Glisson, a retired auto worker and part-time restaurant worker who used the name “Deli Dog” or “Deli” in Internet chat rooms, identified potential buyers and sellers by frequenting CMKM related internet chat rooms and through referrals from past buyers and sellers.
Glisson then negotiated the terms of the transaction and consummated it by exchanging money for the pertinent CMKM stock certificate. Through these practices, Glisson made a market in deregistered CMKM securities at a time when legitimate broker-dealers refused to execute such purchases or sales because of the Commission’s deregistration of CMKM.