2017-12-18 sec-litreleases litigation_release 63 KB 1,281 chars

SEC v. Jason A. Wallace, No. LR-24016, Central District of California (Dec. 18, 2017) — Press Release

raw: Jason A. Wallace

Jason A. Wallace, No. LR-24016 (Dec. 18, 2017)

Caption
SEC v. Jason A. Wallace
Source JSON
summary

The U

paragraph

The U.S. Securities and Exchange Commission obtained a final judgment against Jason A. Wallace, a former boiler room operator, for his role in a fraudulent scheme to artificially inflate penny stock prices. Wallace was charged with violating Sections 5 and 17(a) of the Securities Act of 1933 and Sections 9(a)(2), 10(b), and 15(a) of the Securities Exchange Act of 1934, along with Rule 10b-5. The court permanently enjoined him from future securities violations, barred him from participating in any penny stock offering, and ordered him to pay $512,048.80 in disgorgement and prejudgment interest, plus a $434,887.07 civil penalty. The judgment followed an entry of default on May 9, 2017, resolving the litigation entirely. The case was prosecuted by Duane Thompson and supervised by Jan M. Folena.

narrative

The U.S. Securities and Exchange Commission obtained a final judgment against Jason A. Wallace, a former boiler room operator, for his role in a fraudulent scheme to artificially inflate penny stock prices. Wallace was charged with violating Sections 5 and 17(a) of the Securities Act of 1933 and Sections 9(a)(2), 10(b), and 15(a) of the Securities Exchange Act of 1934, along with Rule 10b-5. The court permanently enjoined him from future securities violations, barred him from participating in any penny stock offering, and ordered him to pay $512,048.80 in disgorgement and prejudgment interest, plus a $434,887.07 civil penalty. The judgment followed an entry of default on May 9, 2017, resolving the litigation entirely. The case was prosecuted by Duane Thompson and supervised by Jan M. Folena. The U.S. Securities and Exchange Commission obtained a final judgment against Jason A. Wallace, a former boiler room operator, for his role in a fraudulent scheme to artificially inflate penny stock prices. Wallace was charged with violating Sections 5 and 17(a) of the Securities Act of 1933 and Sections 9(a)(2), 10(b), and 15(a) of the Securities Exchange Act of 1934, along with Rule 10b-5. The court permanently enjoined him from future securities violations, barred him from participating in any penny stock offering, and ordered him to pay $512,048.80 in disgorgement and prejudgment interest, plus a $434,887.07 civil penalty. The judgment followed an entry of default on May 9, 2017, resolving the litigation entirely. The case was prosecuted by Duane Thompson and supervised by Jan M. Folena.

Enriched metadata

Scheme
boiler-room (100%)
Court
Central District of California
Outcome
charged · 2017-12-15
Disgorgement
$512,049
Civil penalty
$434,887
Entity
Jason A. Wallace
Classified boiler-room(confidence 100%). EDGAR detection: forms Form D· recall 50% / precision 4%. detection rule →
Statutes
Sections 5 and 17(a) of the Securities ActSections 5 and 17(a) of the Securities ActSections 9(a)(2), 10(b) and 15(a) of the Securities Exchange ActSections 9(a)(2), 10(b) and 15(a) of the Securities Exchange ActSections 9(a)(2), 10(b) and 15(a) of the Securities Exchange ActSections 9(a)(2), 10(b) and 15(a) of the Securities Exchange ActRule 10b-5
Parties
Securities and Exchange CommissionJason A. Wallace
Keywords
wallacejason wallacesecurities exchangeexchange commissionsecuritiesjasonexchangefinalagainstfinal againstagainst formerformer boilerboiler roomroom operatorsections securities

Extracted insights

Dollar amounts 2
  • $512K $512,048 $100K–$1M
  • $435K $434,887 $100K–$1M
Entities 5
  • person honorable andrew j. guilford
  • agency Securities and Exchange Commission
  • organization Securities and Exchange Commission
  • court u.s. district court for the central district of california
  • organization U.S. District Court For The Central District Of California
Triples 14
  • Securities and Exchange Commission obtained final judgment against Jason A. Wallace
  • Jason A. Wallace charged with participating in a fraudulent scheme
  • Jason A. Wallace artificially inflated per share price of penny stocks
  • Honorable Andrew J. Guilford entered final judgment on December 15, 2017
  • Securities and Exchange Commission v. Jason A. Wallace filed Sept. 27, 2016
  • Securities and Exchange Commission obtained a final judgment against Jason A. Wallace, a former boiler room operator, for participating in a fraudulent scheme to artificially inflate the per share price of penny stocks
  • Jason A. Wallace was charged with participating in a fraudulent scheme to artificially inflate the per share price of penny stocks
  • U.S. District Court for the Central District of California entered a final judgment against Jason A. Wallace on December 15, 2017
  • Securities and Exchange Commission obtained final judgment against Jason A. Wallace
  • Jason A. Wallace charged with participating fraudulent scheme to artificially inflate the per share price of penny stocks
  • Securities and Exchange Commission filed No. 16-cv-01788 (C.D. Cal.)
  • Jason A. Wallace operated boiler room
  • Honorable Andrew J. Guilford entered final judgment on December 15, 2017
  • Securities and Exchange Commission v. Jason A. Wallace
View original SEC litigation releasesec.gov
Extracted body text (1,281c) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 24016 /December 18, 2017 Securities and Exchange Commission v. Jason A. Wallace, No. 16-cv-01788 (C.D. Cal. filed Sept. 27, 2016) SEC Obtains Final Judgment Against Former Boiler Room Operator The Securities and Exchange Commission has obtained a final judgment against a former boiler room operator charged with participating in a fraudulent scheme to artificially inflate the per share price of penny stocks. The final judgment, entered on December 15, 2017 by the Honorable Andrew J. Guilford of the U.S. District Court for the Central District of California, permanently enjoins Jason A. Wallace from violating Sections 5 and 17(a) of the Securities Act of 1933 and Sections 9(a)(2), 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, bars Wallace from participating in any offering of a penny stock, and orders Wallace to pay $512,048.80 in disgorgement and prejudgment interest and a civil penalty of $434,887.07. The court's final judgment follows an entry of default judgment against Wallace on May 9, 2017. The court's entry of judgment against Wallace resolves this litigation in its entirety. The SEC's litigation was led by Duane Thompson and was supervised by Jan M. Folena.
OCR text (1,281c · html-text · 99% conf) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 24016 /December 18, 2017 Securities and Exchange Commission v. Jason A. Wallace, No. 16-cv-01788 (C.D. Cal. filed Sept. 27, 2016) SEC Obtains Final Judgment Against Former Boiler Room Operator The Securities and Exchange Commission has obtained a final judgment against a former boiler room operator charged with participating in a fraudulent scheme to artificially inflate the per share price of penny stocks. The final judgment, entered on December 15, 2017 by the Honorable Andrew J. Guilford of the U.S. District Court for the Central District of California, permanently enjoins Jason A. Wallace from violating Sections 5 and 17(a) of the Securities Act of 1933 and Sections 9(a)(2), 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, bars Wallace from participating in any offering of a penny stock, and orders Wallace to pay $512,048.80 in disgorgement and prejudgment interest and a civil penalty of $434,887.07. The court's final judgment follows an entry of default judgment against Wallace on May 9, 2017. The court's entry of judgment against Wallace resolves this litigation in its entirety. The SEC's litigation was led by Duane Thompson and was supervised by Jan M. Folena.