The Securities and Trade Fee introduced at this time that two former executives of a developer of applied sciences for touchscreen gadgets have agreed to pay penalties to settle costs that they misled traders in regards to the manufacturing standing and license agreements regarding its key product. In 2016, the developer, Uni-Pixel, Inc. settled SEC costs, and Uni-Pixel’s former board chairman entered right into a deferred prosecution settlement with the company.
With out admitting or denying the SEC’s costs, Reed J. Killion, Uni-Pixel’s former Chief Government Officer, and Jeffrey W. Tomz, Uni-Pixel’s former Chief Monetary Officer, every consented to entry of a remaining judgment that completely enjoins them from violating Part 17(a)(2) of the Securities Act of 1933, and aiding and abetting violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Trade Act and Guidelines 12b-20, 13a-1, 13a-11, and 13a-13 thereunder, completely enjoins Killion from violating Part 10(b) of the Securities Trade Act of 1934 and Rule 10b-5(b) thereunder, orders Killion and Tomz to pay civil penalties of $100,000 and $50,000, respectively, and bars Killion, for 4 years, from serving as an officer or director. The settlement is topic to court docket approval and can resolve this litigation in its entirety. Tomz additionally agreed to the entry of an SEC order suspending him from showing or training earlier than the SEC as an accountant, which incorporates not collaborating within the monetary reporting or audits of public corporations. The SEC’s order will allow Tomz to use for reinstatement after 4 years.
The SEC’s litigation was carried out by Keefe Bernstein, Matthew Gulde, and David Whipple and supervised by Jessica Magee within the SEC’s Fort Value Regional Workplace.