Thursday, March 1, 2007
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.