MMA manager settles with the SEC for 2.5 million

source: fightlawyer
 

Following up on the Securities & Exchange complaint filed against Jason M. Genet (here is the post  from Josh Gross breaking the story last year), on July 26, 2010, the SEC filed a Motion to Approve a Consent Judgment against Genet (the consent was signed by Genet in June) in the United States District Court for the Eastern District of New York.

When the complaint was filed, Josh Gross described the lawsuit, in part, as follows:

Jason Genet, a prominent Phoenix-based manager of mixed martial artists including Shane Carwin, Benson Henderson and Efrain Escudero, is alleged to have acted in concert with other parties to perpetrate a "pump and dump" manipulation of the common stock of China Energy Savings Technology, Inc., according to a complaint filed by the Securities and Exchange Commission.


According to the filed Consent (the full filing is available via Pacer), "[w]ithout admitting or denying the allegations of the complaint (except as to personal and subject matter jurisdiction, which defendant admits)," Genet "has consented to the entry of the final judgment which, among other things:"

(a) permanently restrains and enjoins Defendant from violations of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") [15 U.S.C. § 78j(b)], Exchange Act Rule l0b-5 [17 C.F.R. § 240.10b-5], and Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 [15 U.S.C.§§ 77e(a), 77e(c) and 77q(a)];

 (b) orders Defendant to pay disgorgement in the amount of $1,700,000.00, plus prejudgment interest thereon in the amount of $697,745.57;

(c) orders Defendant to pay a civil penalty in the amount of $130,000.00 under Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)] and Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)]; and,

(d) bars the defendant from participating in any offering of a penny stock for a period of five years. 


The SEC also filed a proposed final judgment for signature by Judge Seybert.

read entire article...

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Recent Comments »

Pink Bunkadoo site profile image  

8/7/10 10:48 PM by Pink Bunkadoo

apparently there are a lot of idiots

Pink Bunkadoo site profile image  

8/7/10 10:48 PM by Pink Bunkadoo

apparently there are a lot of idiots

ChicagoTom site profile image  

8/7/10 1:12 AM by ChicagoTom

 No, I mocked someone who referred to me as an "fucking idiot".   But hey, we are all entitled to our own opinions. I see why people would think he's a piece of shit because of his past.  All I wanted to do was share my experiences with the guy over the past few years which have been nothing but positive. Apparently many others have had the same experiences too.

ChicagoTom site profile image  

8/7/10 1:12 AM by ChicagoTom

 No, I mocked someone who referred to me as an "fucking idiot".   But hey, we are all entitled to our own opinions. I see why people would think he's a piece of shit because of his past.  All I wanted to do was share my experiences with the guy over the past few years which have been nothing but positive. Apparently many others have had the same experiences too.

jjj2121 site profile image  

8/7/10 12:44 AM by jjj2121

No, you mocked someone that had a problem with his reprehensible actions like the person calling him out was the problem.

jjj2121 site profile image  

8/7/10 12:44 AM by jjj2121

No, you mocked someone that had a problem with his reprehensible actions like the person calling him out was the problem.

ChicagoTom site profile image  

8/7/10 12:36 AM by ChicagoTom

How am I justifying what he did? I never said it was ok to steal from people. It appears Jason made some mistakes and he is paying the price.   All I did was post about my interactions with the guy and state that he has done a lot of good things for the mma community. 

ChicagoTom site profile image  

8/7/10 12:36 AM by ChicagoTom

How am I justifying what he did? I never said it was ok to steal from people. It appears Jason made some mistakes and he is paying the price.   All I did was post about my interactions with the guy and state that he has done a lot of good things for the mma community. 

jjj2121 site profile image  

8/7/10 12:18 AM by jjj2121

And likewise, if you want to justify, overlook, or sweep under the rug the fact that he screwed people out of millions because he was nice to you, go for it.

jjj2121 site profile image  

8/7/10 12:18 AM by jjj2121

And likewise, if you want to justify, overlook, or sweep under the rug the fact that he screwed people out of millions because he was nice to you, go for it.