Securities Law Prof Blog

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

Tuesday, February 16, 2010

Four Individuals Enjoined for Distribution of Unregistered Securities

The SEC announced today that the United States District Court for the District of Arizona granted the Commission's motion for summary judgment and entered final judgments, on February 8, 2010, against the four remaining defendants in a civil injunctive action filed by the Commission in August 2008. The Commission's complaint alleged that the defendants engaged in an unregistered distribution of the securities of Alliance Transcription Services, Inc. (formerly Strategy X, Inc.) from April 2005 through September 2006 and that Alliance and its officers participated in a scheme to manipulate the price and trading volume of its stock.The final judgments permanently enjoin Raymond C. Dabney, Richard A. Dabney, Charles J. Smith, and Philip M. Young from violations of the securities registration provisions of the federal securities laws, and also enjoin Richard Dabney from violations of the antifraud provisions. The four defendants were ordered to pay more than $1.4 million in disgorgement, interest, and civil penalties.

Final judgments against all of the other defendants in this action were entered previously by the court.

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