The Securities and Exchange Commission ("Commission") announced today that the Honorable Gerald Bruce Lee, United States District Judge for the Eastern District of Virginia, has entered Final Judgments as to Defendants International Fiduciary Corporation, S.A. ("IFC"), and its chairman and CEO, Preston David Pinkett, II ("Pinkett"), restraining and enjoining them from future violations of Sections 5 and 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder. (The judgment against IFC was entered on July 20, 2007 and the judgment against Pinkett was entered on July 3, 2007.) Pinkett and IFC consented to the entry of the judgments without admitting or denying any of the allegations of the Commission's First Amended Complaint.
The Court ordered disgorgement against Pinkett
in the amount of $5,101,000, plus prejudgment interest of $153,061.Pinkett
was also ordered to pay a civil penalty of $100,000.
The Commission filed its complaint against IFC
, and two other defendants , Daniel Eric Byer ("Byer") and Malcolm Cameron Boyd Stevenson ("Stevenson") , on December 4, 2006, alleging that they defrauded investors through a fraudulent
"asset growth program" purportedly involving risk-free participation in the trading of "1st tier medium-term bank notes."
On that same date, the Court issued an order that, among other things, temporarily restrained IFC
, Byer, and Stevenson from violating the antifraud provisions of the federal securities laws, and freezing investor funds wherever located and all assets of the defendants.
...Pinkett, who also lists an Arlington, Virginia address, is IFC's chairman and CEO.
On November 1st, 2006 the British Columbia Securities Commission
issued a temporary order against Byer, Stevenson, Pinkett
and International Fiduciary
for their prime bank investment scheme.
provides investors materials stating that Pinkett
has had a "5 year affiliation with the International Monetary Fund"; and
(g) investor funds are directed first to the United Bank NA in Arlington, Virginia, and then to either the Banco Bilboao Vizcaya Argentaria or Great Florida Bank
, at the discretion of IFC