COURT SAYS VIOLATER OF ANTIFRAUD PROVISIONS OF SECURITY LAWS MUST PAY

"The Securities and Exchange Commission announced that on June 20, 2011, the United States District Court for the Middle District of Florida entered a final judgment of permanent injunction and other relief against Defendant Shawn A. Icely. The final judgment enjoins Icely from violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5. In addition to injunctive relief, the final judgment orders Icely to pay disgorgement of $391,435.26, prejudgment interest of $20,316.76, and imposes a civil penalty of $130,000. Icely consented to entry of the final judgment without admitting or denying any of the allegations in the complaint.

The Commission commenced this action by filing its complaint against Icely on October 21, 2010. The complaint alleges Icely violated the antifraud provisions of the federal securities laws in connection with his misappropriation of hundreds of thousands of dollars from customers of American Portfolios Financial Services, Inc. while he was employed there as a registered representative."