Litigation Release Number Litigation Release No.
Civil Action No. 2:18-cv-00139, (D. Maine filed on Mar. 30, 2018)
The United States District Court for the District of Maine handed down a final judgment on December 23, 2022 against Paul Hess. Paul Hess was ordered to pay disgorgement and prejudgment interests, as well as penalties, of approximately $2,977,000.
The Securities and Exchange Commission had filed a lawsuit alleging Hess conspired to deceive the investors with Michael Liberty and other co-defendants. The SEC filed a complaint alleging that Hess conspired with co-defendants, including Michael Liberty, to deceive investors. The shell companies were either not allowed to own or transfer any interests in Mozido, LLC. Hess and Liberty were also accused by the SEC of misleading investors regarding Mozido’s valuation, financials, Liberty’s personal investment and how funds were used. The defendants raised more than $48 million fraudulently between 2010 and 2016.
Hess agreed to an end judgment which permanently bars him from violating various securities regulations and anti-fraud provisions. He is also banned from participating in securities transactions such as the sale, purchase, offering, or issuance of any security. In the judgment, he is held liable for disgorgement in the amount of $2,382,116 and prejudgment interests of $434,670 as well as a civil fine of $160,000.
The SEC case against Liberty, and other defendants, is still ongoing. Peter Bryan Moores Marc Jones Kevin Currid and the Boston Regional Office are handling the litigation.
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SEC: What You Need to Know
The Securities and Exchange Commission is an American regulatory agency that was founded in 1934. Its mission is to protect investors, ensure fair and efficient markets and facilitate capital formation. The Securities and Exchange Commission (SEC) oversees and enforces the securities laws to ensure that individuals and companies comply with the regulations governing issuance and trading securities. It regulates activities of stock exchanges as well brokers, investment advisers, and others market participants. The SEC is also a key player in promoting disclosure and transparency, as it requires companies to give accurate and timely information. The SEC’s overall goal is to promote investor confidence, fairness and capital formation on the U.S. Financial Markets.
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