Permanent market bans, $2.75M disgorgement, and $625K in penalties ordered for boiler room operators.
Following a merits hearing where the respondents were found to have engaged in a boiler room operation, illegally distributing securities and using high-pressure sales tactics, the Commission held a sanctions and costs hearing.
The Commission ordered permanent cease trade and director/officer bans against the corporate respondent and its principals, and a 10-year ban against a salesperson.
The respondents were ordered to disgorge the full $2.75 million obtained from investors.
Administrative penalties totaling $625,000 and costs of approximately $160,000 were also ordered.
