The U.S. District Court for the Southern District of Florida entered final consent judgments against Stiefel Laboratories and Charles Stiefel and approved a Fair Fund that will allow the SEC to distribute all disgorgement, prejudgment interest, and civil penalty payments to be received from both Defendants, totaling $37 million, to defrauded shareholders. Specifically, pursuant to the final judgments, without admitting or denying the allegations in the SEC’s complaint, Stiefel Laboratories was ordered to pay disgorgement of $23,000,000, prejudgment interest of $2,210,000, and a civil penalty of $1,300,000, and Charles Stiefel was ordered pay disgorgement of $9,300,000, prejudgment interest of $930,000, and a civil penalty $260,000. Charles Stiefel was also enjoined from violating Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934.
The SEC’s investigation was conducted by Drew Panahi, and was supervised by Thierry Desmet and Glenn Gordon. The SEC’s litigation was led by Christopher E. Martin, Robert Levenson, Alise Johnson, James Carlson, and Barbara Viniegra and supervised by Andrew Schiff.
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