Securities Law Prof Blog

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

Friday, March 2, 2007

Settled SEC Action in Connecticut Fraud Action

The SEC announced that on Feb. 27, 2007, the  Connecticut federal district court entered a final judgment by consent in a  fraud action filed by the Commission against Charles B. Spadoni, the  former vice-president and general counsel of Triumph Capital Group, an investment firm.  In the complaint filed against Spadoni and ten other  defendants,  the Commission had alleged that Paul J. Silvester, the former Treasurer of the State of Connecticut, agreed  to  invest  $200  million  of  state pension funds with Triumph  in  November  1998;  in  return,  Triumph, through Spadoni and the firm's chairman, agreed to provide  consulting contracts  valued  at  approximately  $1  million  each  to   two   of Silvester's friends.  In an earlier criminal proceeding, a jury found Spadoni guilty of various charges,  including  racketeering and racketeering conspiracy concerning acts of bribery and obstruction of justice, theft/bribery concerning programs receiving federal funds, and wire fraud/theft of honest services. On Oct. 27, 2006,  the  court sentenced Spadoni to 36 months imprisonment and ordered him to  pay  a fine of $50,000.

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