Florida Court Enters Final Verdict Against Cimini

Jack Humphrey, Regulatory journalist
April 09, 2012 /

The United States District Court for the Middle District of Florida entered a Final Judgment, by consent, against Defendant Anthony M. Cimini, Sr..

The Final Judgment orders Cimini to pay disgorgement of $18,100, representing profits gained as a result of the conduct alleged in the Complaint, prejudgment interest thereon in the amount of $4,428.91, and a civil penalty in the amount of $18,100, for a total amount of $40,628.91.

The SEC commenced this action by filing its complaint on May 22, 2008. The complaint alleged Cimini and other defendants participated in a fraudulent “pump and dump” scheme to evade the registration provisions of the federal securities laws and then sell purportedly unrestricted Global shares during a fraudulent promotional campaign.

The other defendants, Global Development, Carmine J. Bua, Philip Pritchard, Pietro Cimino, and Dante M. Panella, all previously settled the Commission’s anti-fraud and securities registration charges against them by consenting, without admitting or denying the Commission’s allegations, to permanent injunctions.

All the individuals consented to penny stock bars, and Pritchard and Cimino consented to officer-and-director bars. The Court previously ordered disgorgement and civil penalties against Bua and Panella, with monetary orders still to be decided against the others. The Commission’s claim for a civil penalty against Global Development has been voluntarily dismissed.

 

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