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On Dec. 18, 2008, the U.S. District Court for the Eastern District of Michigan entered a final judgment against Shovers. The Final Judgment followed a jury trial in which the jury found that Shovers had violated the following provisions of the securities laws and rules and regulations promulgated thereunder: (1) Section 10(b) of the Securities Exchange Act of 1934) (Exchange Act) [15 U.S.C. S 78j(b)] and Rule 10b-5 [17 C.F.R. S 204.10b-5] thereunder; (2) Section 17(a)(3) of the Securities Act of 1933 (the Securities Act) [15 U.S.C. S 77q(a)(3)]; and (3) Section 13(b)(5) of the Exchange Act [15 U.S.C. S 78m(b)(5)], and Rules 13b2 1 [17 C.F.R. S 240.13b2 1] and 13b2-2 [17 C.F.R. S 240.13b2 2] thereunder. The jury also found that he aided and abetted certain of Hayes' violations of the federal securities laws.
The Final Judgment permanently enjoined Shovers from violating Section 10(b) of the Exchange Act [15 U.S.C. S 78j(b)] and Rule 10b-5 [17 C.F.R. S 204.10b-5] thereunder; Section 17(a)(3) of the Securities Act [15 U.S.C. S 77q(a)(3)]; Section 13(b)(5) of the Exchange Act [15 U.S.C. S 78m(b)(5)], and Rules 13b2 1 [17 C.F.R. S 240.13b2 1] and 13b2-2 [17 C.F.R. S 240.13b2 2] thereunder; and from aiding and abetting violations of Section 13(a), Section 13(b)(2)(A), and Section 13(b)(2)(B) of the Exchange Act [15 U.S.C. S78m(a), S78m(b)(2)(A), and S78m(b)(2)(B)], and Rules 12b-20, 13a-1, and 13a-13 [17 CFR S240.12b-20, 17 CFR S 240.13a-1, and 17 CFR S 240.13a-13] thereunder. The Final Judgment also barred Shovers, for a period of five (5) years, from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act [15 U.S.C. S 78l] or that is required to file reports pursuant to Section 15(d) of the Exchange Act [15 U.S.C. S 78o(d)], and ordered him to pay a civil money penalty of $50,000.
For more information about earlier developments in this matter, please see Litigation Release Number 20864/Jan. 23, 2009; Litigation Release Number 20686/Aug. 21, 2008; Litigation Release Number 19668/April 25, 2006; Litigation Release Number 34-53716/April 25, 2006; Litigation Release Number-53716/ April 25, 2006; Litigation Release Number 34-53717/April 25, 2006; Litigation Release Number 34-53718/April 25, 2006. (Rel. 34-60689; File No. 3-13618; AAE Rel. 3053)
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