Garry J. Davidson and Linda C. Knott have copped remaining default judgments within the SEC’s ongoing “Mike G Deal” fraud case.
Davidson and Knott have been co-conspirators of Glaspie’s, helping him in defrauding shoppers out of $45 million.
Following failure to reply to the SEC’s filed “Mike G Deal” fraud lawsuit, filed in January 2023, the Japanese District Michigan Courtroom ordered remaining judgment towards Davidson and Knott (proper) on June third.
Each default judgments order a everlasting injunction, prohibiting Davidson and Knott from committing additional violates of the Securities and Change Act.
On the cash aspect of issues, the court docket discovered
- Davidson answerable for $3.9 million in disgorgement, $915,113 in prejudgment curiosity plus a $3.9 million civil penalty
- Knott answerable for $108,171 in disgorgement, $12,714 in prejudgment curiosity and a $223,229 civil penalty
The SEC’s case towards remaining particular person defendants Neil Suresh Chandran, Michael Glaspie and Amy Mossel (Glaspie’s spouse) continues.
In parallel felony Mike G proceedings, Glaspie was sentenced to 6 years in jail final October. The result of Chandran’s felony case stays pending.
Following a Movement to Intervene filed by the DOJ, on June sixth discovery within the SEC’s case was ordered stayed pending the end result of “Mike G Deal” felony proceedings.