CEO Yan Skwara of US Farms to Pay $59K SEC Fine
US Farms, Inc. and Yan K. Skwara, its CEO, President, CFO, and Chairman, engaged in a fraudulent scheme involving the company’s stock, illicit kickbacks, and phony agreements to mask those kickbacks, according to SEC allegations.
The Commission announced that on January 2, 2013, the U.S. District Court for the Southern District of Florida entered a Final Judgment of Permanent Injunction by consent, against Defendant Yan K. Skwara enjoining him from violations of Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 (“Exchange Act”) and Section 17(a) of the Securities Act of 1933 (“Securities Act”).
U.S. District Judge Robin S. Rosenbaum ordered Yan K. Skwara, CEO, President, CFO, and Chairman of US Farms, Inc., to pay Disgorgement, Prejudgment Interest and a Civil Penalty pursuant to Section 21(d)(3) of the Exchange Act and Section 20(d) of the Securities Act. The Final Judgment orders Defendant Skwara to pay disgorgement in the amount of $28,000, prejudgment interest of $3,372.57 and imposes a civil penalty of $28,000 for a total of $59,372.57.
U.S. District Judge Robin S. Rosenbaum entered a permanent injunction by default against US Farms, Inc. enjoining them from violations of Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 (“Exchange Act”) and Section 17(a) of the Securities Act of 1933 (“Securities Act”). Judge Rosenbaum ordered US Farms, Inc. to pay disgorgement in the amount of $28,000 and prejudgment interest of $3,372.57 for a total of $31,372.57.
The Commission commenced this action by filing its Complaint on June 4, 2012, against Yan K. Skwara and US Farms, Inc. [SEC v. Yan K. Skwara et. al., Civil Action No. 12-61078-CIV- Rosenbaum/Seltzer, (S.D. Fla.)] (LR-22584).
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