SEC v. Richard Lane; and T-N-T Education Company, Inc., No. LR-21269, Middle District of Florida (Oct. 30, 2009) — Press Release
raw: Robert E. Lane, et al.
Robert E. Lane, et al., No. 6:07-cv-1920-Orl (Oct. 30, 2009)
Richard Lane and T-N-T Education Company, Inc. were held liable for $5.7 million in a fraudulent pyramid scheme orchestrated by Robert E. Lane, but the court waived most of the amount due to their financial hardship.
Richard Lane and T-N-T Education Company, Inc. were accused of receiving ill-gotten gains from a fraudulent pyramid scheme targeting the Hispanic community. The court held them jointly and severally liable for $5,726,729 in disgorgement and prejudgment interest. However, the court waived part of the disgorgement amount and all pre-judgment interest due to their financial condition.
The U.S. Securities and Exchange Commission (SEC) obtained final judgments against relief defendants Richard Lane and T-N-T Education Company, Inc., in connection with a fraudulent pyramid scheme orchestrated by Robert E. Lane, Wealth Pools, and Recruit For Wealth. The scheme targeted the Hispanic community and allegedly defrauded investors through false promises of high returns via a pyramid structure. The court held Richard Lane and T-N-T Education jointly and severally liable for $5,726,729 in disgorgement and prejudgment interest. However, the court waived part of the disgorgement amount and all pre-judgment interest due to their financial condition. Richard Lane and T-N-T Education consented to the judgments without admitting or denying the allegations. The SEC originally filed the case in December 2007, alleging a massive investor fraud scheme. The final judgments were entered on October 9, 2009, by the Honorable Anne C. Conway of the United States District Court for the Middle District of Florida.
Extracted insights
- $5.73M $5,726,729 $1M–$10M
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Securities and Exchange Commission announced on October 9, 2009, the Honorable Anne C. Conway entered Final Judgments and Other Relief against Relief Defendants Richard Lane and T-N-T Education Company, Inc.
- Honorable Anne C. Conway entered Final Judgments and Other Relief against Relief Defendants Richard Lane and T-N-T Education Company, Inc.
U.S. Securities and Exchange Commission Litigation Release No. 21269 / October 30, 2009 Court Enters Final Judgments and Other Relief as to Relief Defendants Richard Lane and T-N-T Education Company, Inc. Securities and Exchange Commission v. Robert E. Lane, et al., Civil Action No. 6:07-cv-1920-Orl-22KRS (M.D. Fla.) The Commission announced that on October 9, 2009, the Honorable Anne C. Conway of the United States District Court for the Middle District of Florida entered Final Judgments and Other Relief against Relief Defendants Richard Lane and T-N-T Education Company, Inc. The final judgments hold Richard Lane and T-N-T Education jointly and severally liable for disgorgement and prejudgment interest totaling $5,726,729. Based on Richard Lane and T-N-T Education's financial condition, the Court waived part of the disgorgement amount and all the pre-judgment interest. Relief Defendants Richard Lane and T-N-T Education consented to the entry of the final judgments without admitting or denying any of the allegations in the complaint. The Commission commenced this action on December 5, 2007, by filing an emergency action against Robert Lane, Wealth Pools, and Recruit For Wealth, alleging they defrauded investors through a fraudulent pyramid scheme primarily targeting the Hispanic community. For further information, see LR-20393 (Dec. 11, 2007).
U.S. Securities and Exchange Commission Litigation Release No. 21269 / October 30, 2009 Court Enters Final Judgments and Other Relief as to Relief Defendants Richard Lane and T-N-T Education Company, Inc. Securities and Exchange Commission v. Robert E. Lane, et al., Civil Action No. 6:07-cv-1920-Orl-22KRS (M.D. Fla.) The Commission announced that on October 9, 2009, the Honorable Anne C. Conway of the United States District Court for the Middle District of Florida entered Final Judgments and Other Relief against Relief Defendants Richard Lane and T-N-T Education Company, Inc. The final judgments hold Richard Lane and T-N-T Education jointly and severally liable for disgorgement and prejudgment interest totaling $5,726,729. Based on Richard Lane and T-N-T Education's financial condition, the Court waived part of the disgorgement amount and all the pre-judgment interest. Relief Defendants Richard Lane and T-N-T Education consented to the entry of the final judgments without admitting or denying any of the allegations in the complaint. The Commission commenced this action on December 5, 2007, by filing an emergency action against Robert Lane, Wealth Pools, and Recruit For Wealth, alleging they defrauded investors through a fraudulent pyramid scheme primarily targeting the Hispanic community. For further information, see LR-20393 (Dec. 11, 2007).