U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 20594 / May 22, 2008

Securities and Exchange Commission v. Patrick Kirkland, et al., Civil Action No. 06-CV-183-ORL-28 KRS Antoon (M.D. Fla.)

The Securities and Exchange Commission announced that on May 21, 2008, the United States District Court for the Middle District of Florida entered a Final Judgment Setting Disgorgement and a Civil Penalty Against Defendant Patrick Kirkland. The Final Judgment which stems from Kirkland's conduct in a fraudulent unregistered securities offering, orders Kirkland to pay $7,246,347.78 in disgorgement and a $250,000 civil money penalty. The Final Judgment did not order Kirkland to pay prejudgment interest on the disgorgement amount.

Previously, on September 25, 2007, the Court granted the Commission's motion for summary judgment against Kirkland which permanently enjoined him from further violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, thereunder.

For more information on earlier actions in this case, see Litigation Release No. 19570 (February 17, 2006); Litigation Release No. 20351 (October 30, 2007); Litigation Release No. 20352 (October 30, 2007); Litigation Release No. 20439 (January 25, 2008).

http://www.sec.gov/litigation/litreleases/2008/lr20594.htm