South Florida Arbitration & Litigation Lawyer Blog
Broker/Dealer and Investment Advisor Fraud, Mismanagement and Misrepresentation, FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
April, 2012:
In the Matter of Delilah A. Proctor
The Securities and Exchange Commission (SEC) announced the issuance of an Order Making Findings and Imposing Remedial Sanctions Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Order), against Delilah A. Proctor. The Order finds that on January 12, 2011 a judgment was entered against Proctor, permanently enjoining her from future violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, in the civil action entitled Securities and Exchange Commission v. Sun Empire, LLC, et al., Civil Action Number, SACV09-399 DOC (RNBx), in the United States District Court for the Central District of California.
The Order further finds that the Commission’s complaint alleged that Proctor participated in unregistered offers and sales of securities in Sun Empire, LLC (Sun Empire) and Empire Capital Asset Management (ECAM). In addition, the Order finds that the complaint alleged that Proctor solicited investors from California and Nevada through a multi-level marketing scheme operated from an Anaheim, California hotel. Additionally, the Order finds that the complaint alleged that Proctor made false and misleading statements in the unregistered offer and sale of Sun Empire and ECAM securities, and otherwise engaged in a variety of conduct which operated as a fraud and deceit on investors.
Based on the above, the Order bars Proctor from association with any broker, dealer, transfer agent, investment adviser, municipal securities dealer, municipal advisor, penny stock offering, or nationally recognized statistical ratings organization.
Proctor consented to the issuance of the Order without admitting or denying any of the findings in the Order except as to the Commission’s jurisdiction over her, the subject matter of these proceedings, and the entry of the judgment in the civil injunctive action, which she admitted.