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Monday, December 10, 2007

SEC Saps Sapio

Reported by Erin Kello

Three former Mutuals.com executives have recently received some good news. Richard Sapio, Eric McDonald and Michele Leftwich have yet to be tried on charges of wire fraud, securities fraud and conspiracy to commit fraud, but have reached a settlement with the SEC on September 26.

Sapio was ordered a civil penalty of $120,000. McDonald was ordered a disgorgement of $59,322, plus prejudgement interest of $11, 371, which was waived based on his statement of financial condition. Leftwich was ordered a disgorgement of $39,635, plus prejudgement interest of $7,597; she also had her payment waived on account of financial condition.

The SEC filed a civil complaint against the three in December 2003.

In March 2004, the U.S. Attorney for the Southern District of New York lodged a criminal compliant against the trio. On October 22 of this year, Judge Richard Berman ruled that the criminal trial could be delayed another 6 months.

The three defendants are currently out on bail.  

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