- 3 -
of Representative, designating McKinnon, Rance D. Hall, and
R. Glenn Kirk, C.P.A., as their representatives.
On May 9, 2001, petitioner Jerry B. Clawson (Clawson), by
signed stipulation and consent, agreed to the entry of an Order
of Permanent Injunction and Other Relief As To Jerold Benjamin
Clawson (order of permanent injunction) by the U.S. District
Court for the Northern District of Georgia in an action brought
against him by the Securities and Exchange Commission (SEC). The
order of permanent injunction restrained and enjoined Clawson
from further violations of various securities laws. The order of
permanent injunction also required Clawson to pay disgorgement in
the amount of $2,700,000, which represented Clawson’s gains from
the conduct that had been alleged in the complaint brought
against him by the SEC. Payment of disgorgement in excess of
$558,000 and prejudgment interest thereon was waived, however,
based upon representations made by Clawson to the SEC in January
2001 as to his financial condition. The entire balance of the
$558,000 disgorgement debt was to be paid by Clawson within
2 years of the entry of the order of permanent injunction (i.e.,
by May 9, 2003).
The order of permanent injunction also included a section
entitled “Modification of the Freeze” that provided as follows:
IT IS FURTHER ORDERED that the freeze on Clawson’s
assets, which was earlier imposed by order of this
Court, shall be modified as follows: Clawson is
allowed to liquidate non-cash assets provided notice
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011