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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE ACT COMMISSION JUDGEMENT COURT DISTRICT INVESTORS PROVISIONS FUTURE VIOLATIONS CORPORATIONS CONSENT ENTRY MASSACHUSETTS UNITED STATES RICHARD DEFENDANTS JUDGMENT PERMANENTLY ENJOINS FLORIDA REAL ESTATE EUROPE HIGH-YIELD TRADING PROGRAM NON-EXISTENT HIGH-YIELD TRADING RELATIVES FRIENDS SWORN FINANCIAL STATEMENTS PENALTIES FEDERAL SECURITIES LAWS GENERAL ANTIFRAUD PROVISIONS BROKER DEALER-REGISTRATION PROVISIONS |
SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 17964 / February 3, 2003
SECURITIES AND EXCHANGE COMMISSION v. RICHARD J. BRIDEN, EMPOWERMENT
FUNDING GROUP, LLC AND INFOPRO GROUP, LTD (United States District
Court for the District of Massachusetts, C.A. No. 99cv11009-RCL)
The Commission announced today the entry of a final judgment in a
prime bank securities fraud case. On January 21, 2003, The Honorable
Reginald C. Lindsay, of the United States Court for the District of
Massachusetts, entered a judgment by consent against Richard J. Briden
and two corporations he controlled. Briden, without admitting or
denying the Commission's allegations, settled the matter by consenting
to the entry of an injunction against future violations of the
securities and broker dealer-registration provisions as well as the
general antifraud provisions of the federal securities laws. No
penalties were imposed by the Court based on Briden's sworn financial
statements and other documents submitted to the Commission.
The Commission's complaint alleged that during 1998, Briden and the
two corporations he controlled raised $295,000 from seven friends and
relatives for a non-existent high-yield trading program in Europe. To
date, the investors have recovered only $50,000, and title to certain
real estate in Florida is being held for the benefit of the investors.
The Court's judgment permanently enjoins all three defendants from
future violations of Section 17(a) of the Securities Act of 1933,
Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"),
and Section 15(a) of the Exchange Act.
_________________________________________________________________
Modified 02/04/2003
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