SEC Litigation Release
03 12월 2012 - 11:07PM
OTC Markets
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 22555
/ November 30, 2012
Securities and Exchange Commission v. Joseph
P. Cillo, Civil Action No. 8:11-cv-02320 (M.D. Fla. November
30, 2012)
The Securities and Exchange Commission (“Commission”) announced
today that the Honorable James D. Whittemore, United States
District Judge for the Middle District of Florida in Tampa has
entered final judgment against defendant Joseph P. Cillo (“Cillo”)
of Dade City, Florida. The judgment permanently enjoins Cillo from
further violations of Section 15(b)(6)(B)(i) of the Securities
Exchange Act of 1934 (“Exchange Act”), imposes a statutory penny
stock bar on him pursuant to Section 21(d)(6) of the Exchange Act,
and orders that he pay disgorgement in the amount of $20,000 with
prejudgment interest thereon in the amount of $1.124.50 within 30
days. In addition, Cillo was ordered to pay a civil penalty in the
amount of $60,000 within 30 days. Cillo consented to the final
judgment without admitting or denying the allegations of the
Commission’s complaint.
The Complaint alleged that in November 2007, through a reverse
merger with a penny-stock shell company, Cillo became the CEO and
controlling shareholder of eFUEL EFN Corp. (“eFUEL”), a purported
web development company then based in Tampa, Florida and listed on
the OTC Market Group’s “OTC Pink” market tier (formerly the “Pink
Sheets”) under the symbol “EFUL.” It further alleged that in
connection with an ongoing market manipulation investigation
involving eFUEL and other related entities and individuals, the SEC
determined that Cillo engaged in various activities related to, and
for the purpose of, issuing, trading, and inducing the purchase of
eFUEL’s stock. Specifically, Cillo (1) offered and/or issued
hundreds of millions of shares of eFUEL stock to third-parties as
purported payment for debts and services, (2) drafted and approved
multiple press releases touting the company’s business plan and
development prospects, and (3) prepared, signed, and submitted
periodic reports to the OTC Markets Group in order to comply with
the Pink Sheets’ minimal requirements for “adequate current
information.” These activities constituted violations of a 1995
Commission order which barred Cillo from participating in the
offering of any penny stock.
http://www.sec.gov/litigation/litreleases/2012/lr22555.htm
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