SEC v. Nicholas Toms, No. LR-23448, Southern District of Florida (Jan. 20, 2016) — Press Release
raw: Nicholas Toms
Nicholas Toms, No. 8:16-cv-80096 (Jan. 20, 2016)
The U
The U.S. Securities and Exchange Commission (SEC) filed a civil enforcement action against Nicholas Toms, a 67-year-old attorney, for failing to pay $277,771.40 in disgorgement, prejudgment interest, and a civil penalty imposed by a prior SEC order. Toms had agreed to settle charges that he violated Section 10(b) of the Securities Exchange Act and Rule 10b-5 by engaging in fraudulent conduct that caused DecisionPoint Systems, Inc. to mislead investors. Despite promising to pay the ordered amounts both before and after the SEC’s order, Toms defaulted on his payment obligations. The SEC is now seeking court enforcement under Section 21(e)(1) of the Exchange Act to compel payment of the full amount.
The U.S. Securities and Exchange Commission (SEC) filed a civil enforcement action against Nicholas Toms, a 67-year-old attorney, for failing to pay $277,771.40 in disgorgement, prejudgment interest, and a civil penalty imposed by a prior SEC order. Toms had agreed to settle charges that he violated Section 10(b) of the Securities Exchange Act and Rule 10b-5 by engaging in fraudulent conduct that caused DecisionPoint Systems, Inc. to mislead investors. Despite promising to pay the ordered amounts both before and after the SEC’s order, Toms defaulted on his payment obligations. The SEC is now seeking court enforcement under Section 21(e)(1) of the Exchange Act to compel payment of the full amount. The U.S. Securities and Exchange Commission (SEC) filed a civil enforcement action against Nicholas Toms, a 67-year-old attorney, for failing to pay $277,771.40 in disgorgement, prejudgment interest, and a civil penalty imposed by a prior SEC order. Toms had agreed to settle charges that he violated Section 10(b) of the Securities Exchange Act and Rule 10b-5 by engaging in fraudulent conduct related to DecisionPoint Systems, Inc., but he failed to make the required payments despite promising to do so. The SEC sought court enforcement under Section 21(e)(1) of the Exchange Act to compel payment of $85,918 in disgorgement, $16,853.40 in interest, and a $175,000 civil penalty. No admission or denial of wrongdoing was part of the settlement, but Toms’ nonpayment triggered this enforcement action.
Extracted insights
- $175K $175,000 $100K–$1M
- $86K $85,918 $10K–$100K
- $17K $16,853 $10K–$100K
- person nicholas toms
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Securities and Exchange Commission filed a complaint against Nicholas Toms seeking enforcement of the Commission Order requiring him to pay disgorgement of $85,918, prejudgment interest of $16,853.40
- Nicholas Toms gained profits $85,918 from conduct described in the Commission Order
- Securities and Exchange Commission filed a complaint against Nicholas Toms seeking enforcement of the Commission Order requiring him to pay disgorgement of $85,918, prejudgment interest of $16,853.40
- Nicholas Toms gained profits $85,918 from conduct described in the Commission Order
- Nicholas Toms filed against Securities and Exchange Commission
- Securities and Exchange Commission filed complaint United States District Court
- Nicholas Toms pay disgorgement $85,918
- Nicholas Toms pay prejudgment interest $16,853.40
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23448 / January 20, 2016 Securities and Exchange Commission v. Nicholas Toms, Civil Action No. 8:16-cv-80096 Lit. Release No. 23448 / January 20, 2016 The Securities and Exchange Commission filed a complaint in the United States District Court for the Southern District of Florida against Nicholas Toms seeking enforcement of the Commission Order requiring him to pay disgorgement of $85,918, representing profits gained by Toms' conduct described in the Commission Order, prejudgment interest to the date of the Commission Order of $16,853.40, and a civil money penalty of $175,000. Toms, age 67, a resident of Boca Raton, Florida and an attorney licensed to practice law in the State of New York, offered to settle cease-and-desist proceedings brought against him by the SEC alleging that Toms had violated and had caused DecisionPoint Systems, Inc. to violate, the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder. Toms did not make payment, although he had promised to do so both before the entry of the Commission Order and afterwards. The SEC seeks in this action brought under Section 21(e)(1) of the Exchange Act to compel Toms to make payment.U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23448 / January 20, 2016 Securities and Exchange Commission v. Nicholas Toms, Civil Action No. 8:16-cv-80096 Lit. Release No. 23448 / January 20, 2016 The Securities and Exchange Commission filed a complaint in the United States District Court for the Southern District of Florida against Nicholas Toms seeking enforcement of the Commission Order requiring him to pay disgorgement of $85,918, representing profits gained by Toms' conduct described in the Commission Order, prejudgment interest to the date of the Commission Order of $16,853.40, and a civil money penalty of $175,000. Toms, age 67, a resident of Boca Raton, Florida and an attorney licensed to practice law in the State of New York, offered to settle cease-and-desist proceedings brought against him by the SEC alleging that Toms had violated and had caused DecisionPoint Systems, Inc. to violate, the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder. Toms did not make payment, although he had promised to do so both before the entry of the Commission Order and afterwards. The SEC seeks in this action brought under Section 21(e)(1) of the Exchange Act to compel Toms to make payment.