Litigation release No. 25665/March 14, 2023
SEC v. Brian Robert Sodi, et al., No. 5-18 cv-00313 – MHH (N.D. Ala. Filed Feb. 26, 2018).
The U.S. District Court for Northern District of Alabama released an amended final judgment on January 31, 2030 in a case involving securities fraud against Brian Robert Sodi. This included his companies Capital Financial Media LLC (CFM), and List Data Solutions LLC. The court found Sodi to be guilty of promoting penny stock through pump-and dump schemes and scalping in 2013.
Securities and Exchange Commission filed a complaint with the SEC on February 26, 2018. The SEC claimed that Sodi was a CPA who secretly bought shares in two companies and then sold them, while using CFM and LDS as a way to encourage investors to purchase these stocks. Sodi failed to disclose his sales or intentions to sell. In September 2019 Sodi CFM LDS all agreed to pay a total amount of $1.268,000 as disgorgement plus pre-judgment interest. In the final judgment of April 16, 2020 the defendants had to return the funds to US Treasury.
In a parallel criminal case, Sodi admitted to one count for securities fraud in the Northern District Alabama on May 19, 2019. He was ordered forfeited $338.056.
The court amended its final judgment on January 31, 2023 and ordered Sodi, to pay $929.995 as disgorgement to the SEC, plus pre-judgment interest. The money will be distributed among the investors who have suffered losses.
A result of Sodi’s actions, he has been prohibited from appearing before the SEC or practising law under Rule 102e)(3) of its Rules of Practice.
Patrick Costello, assisted by Sarah Lamoree, J. Lee Buck II, and J. Lee Buck led the SEC litigation.
See also Press Rel. No. Rel. Rel. No. 24603 (September 19, 2019).
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SEC: What You Need to Know
Securities and Exchange Commission is an American regulatory agency that supervises and enforces federal security laws. Its primary goal is to protect investors and maintain fair, efficient, and transparent markets. The SEC accomplishes these goals through the regulation of brokers and securities exchanges, as well as enforcing laws that prohibit fraud and other securities violations. The SEC plays an important role in overseeing and regulating the financial markets. It also implements regulations to prevent insider trading and market manipulation.
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