James Meagher Enjoined in Penny Stock Case
The Securities and Exchange Commission (SEC) announced on September 16, 2015 that Chief Judge Gregory M. Sleet of the United States District Court for the District of Delaware entered a final default judgment against Defendant James Meagher on September 14, 2015 in SEC v. Dynkowski, et al., Civil Action No. 1:09-361, a penny stock manipulation case the SEC filed on May 20, 2009.
The SEC’s complaint alleged that Meagher engaged in a market manipulation scheme involving the stock of Xtreme Motorsports of California, Inc., which made about $257,000 in illegitimate earnings.
The court entered a final default judgment against Meagher that permanently enjoins him from violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder; orders a civil penalty of $130,000; and bars Meagher from engaging in any offering of a penny stock.
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