Securities and Exchange Commission v. Elliott et al, No. 1:2009cv07594 - Document 148 (S.D.N.Y. 2012)

Court Description: OPINION AND ORDER: For the reasons set forth in this Opinion and Order, defendants are permanently enjoined from violating Section 5 of the Securities Act of 1933, 15 U.S.C. 77e; they are enjoined for a period of three years from engaging, participat ing or advising in any way in the sale of penny stocks; they shall pay a First Tier civil fine in the amount of $6,500 per transaction ( a total amount to be determined after a proffer from the SEC as to the precise number of violations) and def endants shall jointly and severally disgorge $3,052,752 in profits attributable to sales of Universal Express stock plus $730,621 in prejudgment interest and defendant Xirinachs shall disgorge $345,462 in amounts paid to him by North A tlantic in connection with sales of Universal Express stock he made on its behalf plus $82,680.01 in prejudgment interest. The SEC shall submit a proffer as to the number of transactions at issue, with citations to the record, not later than 6/25/2012. (Signed by Judge Katherine B. Forrest on 6/12/2012) (tro)