Court Orders Disgorgement From J.Edwards

[Twist Capper]

f4.filecrunch.com/files/20080516/694fd833f5ba4e82014305f6aaa80f1a/PB27PB66.pdf

[Twist Capper]

12 IT is FURTHER ORDERED, ADJUDGED, AND DECREED that Edwards
13 shall pay disgorgement of il-gotten gains, prejudgment interest thereon, and a civil
14 penalty pursuant to Section 20(d) of the Securities Act, 15 U.S.C. § 77t(d). The
15 Court shall determine the amounts of the disgorgement and civil penalty upon
16 motion of the Securities and Exchange Commission ("Commission").
17 Prejudgment interest shall be calculated pursuant to 28 U.S.C. § 1961 from
18 March 5, 2003. In connection with the Commission's motion for disgorgement
19 and/or civil penalties, and at any hearing held on such a motion: (a) Edwards wil
20 be precluded from arguing that he did not violate the federal securities laws as
21 alleged in the Complaint; (b) Edwards may not challenge the validity of this
22 Consent or the Judgment; (c) solely for the purposes of such motion, the
23 allegations of the Complaint shall be accepted as and deemed true by the Court;
24 and (d) the Court may determine the issues raised in the motion on the basis of
25 affidavits, declarations, excerpts of sworn deposition or investigative testimony,
26 and documentary evidence, without regard to the standards for summary judgment
27 contained in Rule 56(c) of the Federal Rules of Civil Procedure. In connection
28

[Twist Capper]

Now, before anyone goes and gets overly excited......the
beginning of the document states that Edwards agrees to
comply - not necessarily admitting guilt.....

How many times have we seen SEC litigation to this effect
( especially the "big boys" ) with minor fines in comparison
to total monies?

I'm not expecting a lot from this - if anything is even there
- or - left to be disgorged.


TC

[veritasvincit]

I think Edwards cut a deal, (maybe to spare himself, or lesson charges from the DOJ), and is blabbing like there's no tomorrow. IMHO, of course.

Hopefully, dominoes...

[tonypro]

May 16, 2008 16:28:45 GMT -6 Twist Capper said:

12 IT is FURTHER ORDERED, ADJUDGED, AND DECREED that Edwards
13 shall pay disgorgement of il-gotten gains, prejudgment interest thereon, and a civil
14 penalty pursuant to Section 20(d) of the Securities Act, 15 U.S.C. § 77t(d). The
15 Court shall determine the amounts of the disgorgement and civil penalty upon
16 motion of the Securities and Exchange Commission ("Commission").
17 Prejudgment interest shall be calculated pursuant to 28 U.S.C. § 1961 from
18 March 5, 2003. In connection with the Commission's motion for disgorgement
19 and/or civil penalties, and at any hearing held on such a motion: (a) Edwards wil
20 be precluded from arguing that he did not violate the federal securities laws as
21 alleged in the Complaint; (b) Edwards may not challenge the validity of this
22 Consent or the Judgment; (c) solely for the purposes of such motion, the
23 allegations of the Complaint shall be accepted as and deemed true by the Court;
24 and (d) the Court may determine the issues raised in the motion on the basis of
25 affidavits, declarations, excerpts of sworn deposition or investigative testimony,
26 and documentary evidence, without regard to the standards for summary judgment
27 contained in Rule 56(c) of the Federal Rules of Civil Procedure. In connection
28

Over 5 years of prejudgement interest...... even on a small amount, that could add up.

[Twist Capper]

Could be Tony........

Everyone should also remember this is still a "Civil" case -
not a "Criminal" case......and I would think any monies in
penalties and disgorgement goes to the SEC first.....

........not Tyler.

TC

[saturn]

How much juice can you squeeze out of a lemon if someone has already used it for lemonade?



Saturn

[noholes2deep]

Saturn Exactly, 64 mil.div by 673 bil is somewhere around .00009509 way less than most of us paid.....someone anyone tell me something good.....


Troy

[TexasPride]

Definition of Rule 144.

A Securities and Exchange Commission rule that sets the conditions under which restricted, unregistered and control securities can be sold. These are the five conditions that must be met for these securities to be sold:

1. The prescribed holding period must be met.
2. There is an 'adequate' amount of current information available to the public regarding the historical performance of the security.
3. The amount to be sold is less than 1% of the shares outstanding and accounts for less than 1% of the average of the previous four weeks' trading volume.
4. All of the normal trading conditions that apply to any trade have been met.
5. If wishing to sell more than 500 shares or an amount worth more than $10,000, the seller must file a form with the SEC before the sale.

As we all know, John Edwards sold billions, upon billions of unregistered securities, through various brokers, including Crown and NevWest, in direct violation of Rule 144.

If I understand the recently released documents correctly, I suspect these shares will be canceled and our share structure will be adjusted accordingly.

[Deleted]

Agreed, tex.

[ivory]

IMO - CMKX will win every case from here and hope the money from brokers, bankers, hedgies and DTC will be 100/1000 times bigger....

100to1 & Molley M White!
www.zshare.net/audio/11370096704ffcd1/

[veritasvincit]

May 16, 2008 20:54:46 GMT -6 @noholes2deep said:

Saturn Exactly, 64 mil.div by 673 bil is somewhere around .00009509 way less than most of us paid.....someone anyone tell me something good.....


Troy

Edwards is the FIRST to plead "no contest". (essentially, , , I'm guilty)

Tex, Victory, both excellent points. Hopefully the shares that J.E. dumped will be canceled. There are more fish to fry, lots of guilty parties in this saga... I'm sure a few have very deep pockets.

To expand upon Saturn's analogy, I think this situation is more a lemon TREE squeezing than just a solitary little ol' lemon. *cough* crook.