Securities and Exchange Commission v. Louis V. Schooler, First Financial Planning Corporation dba Western Financial Planning Corporation
Published: Mar. 26, 2016 | Result Date: Feb. 23, 2016 | Filing Date: Jan. 1, 1900 |Case number: 3:12-cv-02164-GPC-JMA Bench Decision – $147,000,000
Court
USDC Southern District of California
Attorneys
Plaintiff
Lynn M. Dean
(U.S. Securities and Exchange Commission)
Defendant
Philip H. Dyson
(Law Office of Philip H. Dyson)
Facts
The Securities and Exchange Commission brought a complaint against defendants for violations of federal securities laws.
Contentions
PLAINTIFF'S CONTENTIONS:
The SEC contended that Schooler, owner of First Financial Planning Corporation, bought raw, undeveloped land in the southwest United States and then sold the land to numerous unsophisticated investors. It claimed that he did not disclose this markup and misled the investors about the true value of the land.
DEFENDANT'S CONTENTIONS:
Schooler contested the imposition of civil penalties against him, although he did not contest the imposition of an injunction, disgorgement and prejudgment interest.
Result
Having previously granted the SEC's motion for injunctive relief, monetary remedies and final judgment against Schooler, the court also granted the SEC's request for entry of final judgment against him. It permanently restrained and enjoined Schooler from violating the Securities and Exchange Act of 1934. It also ordered him to disgorge $147,610,280 in profits and pay a civil penalty of $1,050,000.
Other Information
FILING DATE: Sept. 4, 2012.
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