SEC, Ruderman Heading to Settlement

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The Securities and Exchange Commission’s motion for summary judgment against Carl Ruderman for his role in the 1 Global Capital case is likely to be stayed as the parties head toward a settlement.

On June 14, the SEC informed the Court that “as a result of mediation and ensuing discussions, the Commission staff and Defendant Carl Ruderman have agreed on a proposed settlement of all claims and relief the Commission seeks against Ruderman.” The settlement has to be approved, however, by the five SEC Commissioners. “If the Commissioners approve Ruderman’s signed settlement agreement, it will resolve the Commission’s litigation against him,” the SEC contends.

The SEC is asking for a 90-day stay.

Last modified: November 30, 2019

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