Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, March 1, 2007

Default Judgment Against Attorney

The SEC announced it obtained a default judgment against Defendants Michael D. Spadaccini, of Austin, Texas, and his company, Oronex, LLC, for their role in a scheme to evade the registration provisions of the Securities Act of 1933.  The  SEC  alleged  that  Spadaccini,  through Oronex, obtained 500,000 shares of  U.S.  Wind  Farming  stock  in  an unregistered offering. Spadaccini, an attorney,  purportedly  received those shares as payment for legal services. He then quickly  sold the shares into the public market. The Final Judgment permanently  enjoins Spadaccini and Oronex from violating the  registration  provisions  of the federal securities law.

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