JBI, Inc. (JBII.PK) said Wednesday that the Securities and Exchange Commission has approved settlement of the previously disclosed lawsuit against the company and its former chief executive officer, John Bordynuik, filed by the Division of Enforcement staff.
The lawsuit arises from the restatement of the company's financial statements as of and for the periods ended September 30, 2009 and December 31, 2009. Under the proposed settlement, for which the SEC staff is seeking approval by the Court, the company and Bordynuik would consent to the entry of orders enjoining them from future violations of certain provisions of the federal securities laws, including the antifraud, reporting and books and records provisions, and requiring the company and Bordynuik to pay civil penalties of $150,000 and $110,000, respectively. The contemplated settlement does not require payment of "disgorgement" or other amounts.
The proposed order against Bordynuik would include a five-year officer/director bar. Bordynuik stepped down from his officer and director positions with the company in May 2012 and currently serves as its Chief of Technology, a non-officer position.
JBI noted that the Court has discretion regarding whether, and when, the proposed settlement will be approved and final judgments issued.
The proposed settlement, if approved by the Court, would fully resolve the dispute with the SEC evidenced by the lawsuit filed in January 2012.
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