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SEC wins $1.55-million (U.S.) order in Masselli case

2019-10-09 18:02 ET - Street Wire

Also Street Wire (C-OLG) Carlyle Entertainment Ltd

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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $1.55-million judgment against Sandy Masselli and several corporate entities, including former Canadian Stock Exchange listing Carlyle Entertainment Ltd. (All figures are in U.S. dollars.) The SEC claimed that Mr. Masselli repeatedly lied to investors about Carlyle's prospects as he took their money. He then used investor money for a Mercedes, hotels and high-end hair products, among other things, the SEC said.

The sanctions for Mr. Masselli, 57, are contained in a default judgment handed down on Tuesday, Oct. 8, in federal court in New Jersey. The $1.55-million amount includes disgorgement of $199,990 in gains, plus interest, as well as fines totalling $1.32-million against Mr. Masselli, Carlyle and other related corporate entities. In addition, the SEC has won an order permanently banning Mr. Masselli from serving as an officer or director and from participating in penny stock offerings. The sanctions are by default, as Mr. Masselli did not respond to the case.

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