In SEC v. Hovannisian, No. 1:17-at-00617, 2017 (E.D. Cal. Aug. 10, 2017), defendants Damon Hovannisian, Vernon Hovannisian, Vincent Hovannisian, and Eddie Arakelian (collectively “Defendants”) consented to the entry of a permanent injunction against them, prohibiting future violations of the Securities Exchange Act Section 10(b) (“§ 10b”) and disgorgement of profits including prejudgment interest totaling $470,000 to settle securities fraud claims brought by the United States Securities and Exchange Commission (“SEC”) in United States District Court for the Eastern District of California.
Read MoreIn In Re Hedayati, Securities Exchange Act Release No. 80238 (admin proc Mar. 14, 2017), the Securities and Exchange Commission (“SEC”) issued an order instituting public administrative and cease-and-desist proceedings against Nima Hedayati (“Hedayati”) for alleged violations of Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder. In anticipation of the proceedings against him, Hedayati submitted, and the SEC accepted, an Offer of Settlement (“Offer”), in which he neither admitted nor denied the allegations.
Read More