Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
Law Firm Website Design Companies : The Good, The Bad, and The Ugly

Ex-MetMortgage chief, SEC settle

  Securities  -   POSTED: 2007/10/31 10:52

The Securities and Exchange Commission has reached a tentative settlement with the former chief executive of Metropolitan Mortgage & Securities and with a Bellingham-based developer over fraud allegations related to the Spokane investment company's collapse. The proposed settlement, filed Monday in federal court in Seattle, would require former Met CEO Paul Sandifur Jr. to pay more than $150,000 and barred from serving as an officer or director in any SEC-regulated company for five years.

David Syre, owner of Bellingham-based Trillium, would pay $50,000 to the SEC; his company would pay an additional $75,000. The defendants would be permanently barred from violating securities laws, and the SEC would end its civil case against them.

The deal must be approved by U.S. District Court Judge John Coughenour.

The company, caught in a tangle of increasingly complex financial transactions designed to make it appear profitable, collapsed in 2004, leaving investors with more than $600 million in worthless securities.

The SEC's complaint, originally filed in September 2005, detailed deals in which Met sold land to Trillium and other developers.

The agency charged that Met, either directly or through its subsidiaries, disguised the fact it had financed all or most of the purchase price of the deals, so that it could improperly book the paper profits immediately.

In 2002, shortly before the end of its fiscal year, Met sold two vacant parcels in Everett and Texas to a Trillium-controlled entity called Jeff Properties for nearly $24 million.

Met also loaned the buyer most of the money needed for the purchase, replacing passive assets with supposedly profitable loans that would strengthen the company's numbers at a time it sought to raise money from investors.

In separate cases, the SEC in March settled civil fraud charges against former Met executives Robert Ness and Thomas Masters, who agreed to pay fines.

Dan Sandy, a business associate of Met and Trillum, also agreed to pay a $50,000 penalty.


Legal News | Breaking News | Terms & Conditions | Privacy | Law Firm Web Design, Attorney Website Design by Law Promo

ⓒ Breaking Legal News. All Rights Reserved.

The content contained on the web site has been prepared by BLN as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case.
   More Legal News
   Legal Spotlight
   Exclusive Commentaries
   Attorney & Blog - Blog Watch
   Law Firm News  1  2  3  4  5  6 
   Lawyer & Law Firm Links
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
New Rochelle Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
Chicago Business Lawyer
Cook County Contract Law
www.rothlawgroup.com
Canton Criminal Lawyer
Canton DUI lawyer
www.cantoncriminalattorney.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Houston Car Accident Attorneys
Wrongful Death Attorneys Houston
Houston Wrongful Death
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Indianapolis personal injury lawyer
Brain injury lawyer Indianapolis
www.rwp-law.com
Eugene Bankruptcy Attorney
Bankruptcy Attorney Eugene
willamettevalleybankruptcy.com
Denver, Colorado Drug Crimes Lawyer
www.vanlandinghamlaw.com
   More Legal News  1  2  3  4  5  6
   Legal News Links
  Click The Law
  Daily Bar News
  The Legal Voice
  The Legal Report
  Legal News Post
  Crisis Legal News
  Legal News Journal
  Law Firm Logos
  Eugene Criminal Defense Law
  Attorney Web Design
  Immigration Law Web Design
  Law Firm Directory