SEC Settles Case against Former Officers of Gibraltar Asset Management Group

SEC v. Garfield Taylor, Inc., et al., Case No. 1:11-cv-02054-RLW (D.D.C.).  On February 5, 2013, the SEC announced that it settled its case against three former officers of Gibraltar Asset Management Group, LLC for their role in a $27 million dollar Ponzi scheme operated through Gibraltar.  Without admitting or denying the charges, the defendants settled as follows:

  • Benjamin C. Dalley consented to the entry of a Final Judgment permanently enjoining him from aiding and abetting violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.  He will pay $72,500 in disgorgement and prejudgment interest and a civil penalty of $40,000.
  • Randolph M. Taylor consented to the entry of a Final Judgment permanently enjoining him from aiding and abetting violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.  He will pay $584,148.32 in disgorgement and prejudgment interest.  However, all but $30,000 of this amount is waived and Taylor will not pay a civil monetary penalty, based upon his sworn Statement of Financial Condition.
  •  William B. Mitchell consented to the entry of a Final Judgment permanently enjoining him from violating Section 15(a)(1) of the Exchange Act.  The Final Judgment orders Mitchell to pay $164,131 in disgorgement and prejudgment interest, but waives payment of all but $15,000 of this amount, and does not impose a civil penalty, based upon his sworn Statement of Financial Condition.  In a separate administrative proceeding, Mitchell agreed to a SEC Order that bars him from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; and from participating in any offering of a penny stock, including: acting as a promoter, finder, consultant, agent or other person who engages in activities with a broker, dealer or issuer for purposes of the issuance or trading in any penny stock, or inducing or attempting to induce the purchase or sale of any penny stock.
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