Melville Peter Ten Cate was sentenced to a fine by the United States District Court for Southern District of New York on January 3, 2023. The Securities and Exchange Commission had charged ten Cate previously with fraud in connection with his involvement in an offer to buy a major U.S. aerospace, defense and industrial company.
The SEC complaint, filed April 5, 2022, alleged ten Cate, his now-defunct Xcalibur Aerospace, Ltd., and their plan to purchase all Textron, Inc. stock at a premium of 56%. The announcement included false and misleading statements regarding Xcalibur’s financial status and size, as well as failing to disclose ten Cate’s history of bankruptcy.
Ten Cate, without admitting or disputing the allegations made against him, agreed to an end judgment that prevents him permanently from violating antifraud provisions of Securities Exchange Act of 1933. A permanent injunction prohibits him from taking part in securities offerings and he is prohibited from being an officer or director in a public company. He must also pay a $500,000. civil penalty. Ten Cate has also been charged with criminal offenses by the U.S. Attorney’s Office for the Southern District of New York.
Amy Friedman, Carolyn Welshhans and Edward Reilly conducted the investigation. Duane Thompson was in charge of the litigation, and James Carlson was supervising him. The SEC would like to thank the U.S. Attorney’s Office of Southern District of New York, and the U.S. Department of Homeland Security.
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SEC: What You Need to Know
The Securities and Exchange Commission, or SEC, is an independent agency within the United States Federal Government. In 1934, it was created to oversee and regulate the securities market, protect investors and maintain fair, orderly markets. SEC responsibilities include enforcement of federal securities laws and transparency in financial markets. They also ensure that companies provide investors with accurate and timely data. The SEC also supervises securities exchanges and brokers, as well as investment advisors and other market participants. SEC regulatory efforts aim to promote investor confidence, facilitate capital creation, and maintain integrity of U.S. equity market.
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