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Boca Raton businessman Rosen settles with the SEC

By Palm Beach

MIAMI — A Boca Raton businessman has agreed to pay more than $900,000 to settle Securities and Exchange Commission allegations that he violated federal securities law by failing to disclose his complete stake in a publicly trade company he founded.

Lee Rosen, 57, former chairman of New Generation Biofuels Holdings, also agreed to a court order banning him from serving as an officer or director of any public company. The SEC sued Rosen Friday in federal district court for South Florida.

Rosen did not admit or deny any wrongdoing in settling with the SEC.
According to court records, Rosen held about 6.8 millions shares and options to buy shares of New Generation. Rosen failed to claim ownership in about 3 million shares held in various trusts.

He sold some of the shares held in three of the trusts, earning $666,000 in the process, and used shares in two trusts in a failed attempt to buy a yacht. The SEC alleged that Rosen failed to disclose those transactions.

In settling the SEC’s suit, Rosen agreed to surrender the $666,000 in profit from the sale of stock, pay a $195,000 civil fine and $50,500 in interest.


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DECEMBER 3, 2012 click to go home
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