(January 14 – 13:35 ET) – The ASC has found that John Gordon Follgard failed to file insider reports in a timely manner, failed to disclose trades in a timely manner while a control person of Follgard Group and distributed securities contrary to the Securities Act.
The ASC held that “Mr. Follgard’s actions represent an almost total disregard for the requirements of the Securities Act. The most serious breaches involved extensive and illegal and essentially unreported trading by Mr. Follgard as an insider and a control person.”
Follgard was ordered to cease trading in all securities, denied the use of any exemptions under the Securities Act, resign as a director and officer of any issuer and be prohibited from becoming a director and officer for a ten year period. Follgard was ordered to pay an administrative penalty of $15,000 and $8,500 for the costs of the investigation.
-IE Staff