- Free Consultation: 561-406-4644 Tap Here To Call Us
Kamal Abdallah and Eric Todd Seiden – South Florida Low Priced Stock (Penny Stock) Fraud and Breach of Fiduciary Duty FINRA Arbitration and State (Broward and Palm Beach County) and Federal Litigation Attorney
SECURITIES AND EXCHANGE COMMISSION v. ERIC TODD SEIDEN AND KAMAL ABDALLAH, Civil Action No. CV 09-3116 (KAM) (EDNY)
COURT ENTERS FINAL JUDGMENTS BY CONSENT AGAINST SEC DEFENDANTS ERIC TODD SEIDEN AND KAMAL ABDALLAH
The Securities and Exchange Commission recently announced that on March 30, 2012, the Honorable Kiyo A. Matsumoto, United States District Court Judge for the Eastern District of New York, entered a final judgment by consent against Defendant Kamal Abdallah. The final judgment permanently enjoins Abdallah from future violations of Sections 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder, prohibits Abdallah from acting as an officer or director of a public company, and bars him from participating in an offering of penny stock. The final judgment also orders Abdallah liable for disgorgement and prejudgment interest totaling $214,963.02, deemed satisfied by the restitution order entered against Abdallah in the parallel criminal action, United States v. Abdallah, 09-cr-717 (JFB) (E.D.N.Y.).
On April 16, 2012, Judge Matsumoto modified a June 30, 2011 judgment by consent against Eric Todd Seiden, enjoining him from future violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and barring Seiden from participating in an offering of penny stock. The judgment also provided that Seiden would pay disgorgement, prejudgment interest, and a civil penalty as determined by the Court upon motion of the Commission. On April 16, 2012, in view of the restitution order and prison sentence imposed on Seiden in the parallel criminal case, United States v. Seiden, 09-cr-582 (ILG) (E.D.N.Y.), the Commission withdrew its claims against Seiden for disgorgement and a penalty.
The Commission’s amended complaint, filed in the Eastern District of New York, alleges that Seiden, a former securities professional, and Abdallah, the former CEO of Universal Property Development & Acquisition Corp. (“UPDV”), conspired to create artificial demand for UPDV stock and inflate its stock price. The Amended Complaint charges Seiden with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Abdallah with violating Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.
Contact Us:
With extensive courtroom, arbitration and mediation experience and an in-depth understanding of securities law, our firm provides all of our clients with the personal service they deserve. Handling cases worth $25,000 or more, we represent clients throughout Florida and across the United States, as well as for foreign individuals that invested in U.S. banks or brokerage firms. Contact us to arrange your free initial consultation.
At the Fort Lauderdale Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.