U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23148 / December 4, 2014
Securities and Exchange Commission v. Patrick G. Rooney, et al., Civil Action No. 9:14-cv-81224-KAM
District Court Enters Judgments of Permanent Injunction and Other Relief Against Defendants Patrick G. Rooney, John R. Rooney and Positron Corporation
The Securities and Exchange Commission announced that on October 23, 2014, October 29, 2014 and November 6, 2014, the United States District Court for the Southern District of Florida entered judgments of permanent injunction and other relief, by consent, against defendants Patrick G. Rooney, Positron Corporation, and John R. Rooney, respectively. The judgments enjoin the defendants from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and 10b-5(c), and permanently bar Patrick and John Rooney from participating in offerings of penny stock. The judgment against Patrick Rooney also permanently bars him from serving as an officer or director of public companies. In addition to injunctive relief, the judgments provide for the imposition of civil penalties against all three defendants in amounts to be determined by the Court upon motion by the Commission.
The SEC commenced this action by filing its complaint on September 30, 2014 charging Positron, Patrick Rooney and John Rooney for orchestrating a market manipulation scheme involving Positron's stock.
For additional information, see Litigation Release No. 23103 (October 3, 2014).