COURT ORDERS FOUNDING PARTNERS CAPITAL EXEC. TO PAY 31 MILLION FOR FRAUD

The following is an excerpt from the SEC web site:
“The Commission announced that on June 13, 2011, the United States District Court for the Middle District of Florida, upon Motion of the Commission, has issued an Order and Opinion Setting Disgorgement and Prejudgment Interest Amounts and Imposing a Civil Penalty against Defendant William L. Gunlicks. A supplemental final judgment was issued on June 15, 2011 ordering Gunlicks to pay disgorgement in the amount of $28,635,966.55 representing the ill-gotten gains received, pre-judgment interest in the amount of $2,193,842.31, and a civil penalty in the amount of $1,000,000.00.
The Complaint filed by the Commission against Gunlicks and Founding Partners Capital Management, Co. on April 20, 2009 alleged violation of the antifraud provisions of the federal securities laws. On March 3, 2010 an Order of Permanent Injunction by Consent was entered against Gunlicks, enjoining him from violating Section 17(a) of the Securities Act of 1933, Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934, and Sections 206(1), 206(2), 206(4) and Rule 206(4)-8 of the Investment Advisers Act of 1940. The Court will retain jurisdiction of this matter for the purpose of implementing the payment terms of the judgment.”