Securities and Exchange Commission v. International Realty Holdings, Ottoniel Medrano, Leticia Isabel Medrano
Published: Mar. 12, 2011 | Result Date: Jul. 28, 2010 | Filing Date: Jan. 1, 1900 |Case number: 2:09-cv-01945-DDP-PLA Settlement – $761,497
Court
USDC Central
Attorneys
Plaintiff
Finola H. Manvelian
(Securities and Exchange Commission)
John M. McCoy III
(Law Office of John McCoy)
Bernard B. Smyth
(U.S. Securities and Exchange Commission)
Defendant
Facts
International Realty Holdings (IRH) began offering sale of preferred stock in October 2008.
The federal Securities and Exchange Commission filed suit against IRH and its officers, Ottoniel and Leticia Medrano, alleging fraud.
Contentions
PLAINTIFF'S CONTENTIONS:
The SEC contended that IRH and the Medranos made numerous misrepresentations to investors, including claims that prominent individuals were IRH board members and owners. The SEC further claimed that IRH represented it owned 15 lots of property in Asia, which were actually owned by another, unaffiliated, company.
DEFENDANTS' CONTENTIONS:
IRH and the Medranos denied making the misrepresentations, contending they acted in good faith.
Damages
The SEC sought $700,000 in fraudulently induced investments.
Result
The parties stipulated to entry of Final Judgment against defendants for $761,497.
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