U.S. Securities and Exchange Commission

Securities and Exchange Commission

Litigation Release No. 18318 / September 2, 2003

District Court Enters Final Judgment Ordering Thomas E. Loyd, Individually and d/b/a Investors' Alert, and Paul A. Spray, Individually and d/b/a OTC Investor's Edge to Pay Disgorgement and Civil Penalties and Dismisses Its Claims of Disgorgement and Civil Penalties as to OTC Consulting, Inc., Vantage International Consultants, Inc. and Investors' Alert, Inc.

Securities and Exchange Commission v. Thomas E. Loyd, Individually and d/b/a Investors' Alert, et al., Case No. 8:02-CV-1613-T-26EAJ (M.D. of FL)

The Securities and Exchange Commission (SEC) announced that on August 20, 2003, the Honorable Richard Lazzara, United States District Judge for the Middle District of Florida, issued an order imposing disgorgement with prejudgment interest in the amount of $474,359.12 and civil penalties of $325,000 against Defendant Thomas E. Loyd, Individually and d/b/a Investors' Alert and disgorgement with prejudgment interest in the amount of $44,566.79 and civil penalties of $120,000 against Defendant Paul A. Spray, Individually and d/b/a OTC Investor's Edge for their violation of Section 10(b) of the Exchange Act and Rule 10b-5.

At the SEC's request, Judge Lazzara also dismissed its claims of disgorgement and civil penalties against Defendants OTC Consulting, Inc., Vantage International Consultants, Inc. and Investors' Alert, Inc.

For more information on earlier actions in this case, see Litigation Release No. 17721 (September 11, 2002) and Litigation Release No. 18244 (July 23, 2003).

http://www.sec.gov/litigation/litreleases/lr18318.htm