SEC v. Fiore J. Gallucci, et al.
Case No. 04-cv-04493-SAS (S.D.N.Y.)
On June 16, 2004, the Commission filed a complaint against Fiore J. Gallucci (“Gallucci”), Ronald A. Manzo (“Manzo”), and Gary B. Taffet (“Taffet”) (collectively, the “Defendants”). The complaint alleged that, from January 1998 through August 1999, the Defendants violated federal securities laws by engaging in insider trading. See Complaint.
The Defendants were ordered to pay a total of $2,120,684.00 in disgorgement, prejudgment interest, and civil penalties. The Clerk was ordered to hold the funds in an interest bearing account with the Court Registry Investment System (collectively, the “Fund”), pending further order of the Court. See Gallucci’s Final Judgment, Manzo’s Final Judgment, and Taffet’s Final Judgment.
The Defendants have paid a total of $ 2,120, 684.00 into the Fund for distribution to harmed investors.
On May 31, 2006, the Court entered an order that appointed Damasco & Associates LLP as the Tax Administrator to fulfill the tax obligations of the Fund.
On August 24, 2010, the Commission filed a motion to create a distribution fund for the funds paid by the Defendants (“Distribution Fund”); to appoint Gilardi & Co. LLC as the Distribution Agent of the Distribution Fund to oversee the administration and distribution of the Distribution Fund to harmed investors; to approve a distribution plan (“Distribution Plan”); and to direct the Clerk of the Court to transfer the Distribution Fund to the Distribution Agent in accordance with the Distribution Plan. See the Commission’s Motion.
On February 14, 2011, the Court granted the Commission’s motion to create a Distribution Fund, appoint Gilardi & Co. LLC as the Distribution and approved the Distribution Plan. See the Distribution Plan.
The Distribution Plan provides that the distribution of the Fund shall be made on a pro rata basis to Eligible Claimants in accordance with the terms of the Distribution Plan.
On November 1, 2013, the Court granted the Commission’s motion and entered an order directing the Clerk of the Court to transfer the Distribution Fund, less any registry fees, to the Distribution Agent for distribution to Eligible Claimants in accordance with the Distribution Plan. See the Court’s Order.
For more information, please contact the Distribution Agent: