Defendant Name: W.P. Carey & Co. LLC

Defendant Type: Public Company

Document Reference: court_doc3_08-cv-02846

Document Details

Legal Case Name SEC v. W.P. Carey & Co. LLC, Carey Financial LLC, John J. Park, and Claude Fernandez
Document Name Final Judgment as to Defendants W.P. Carey & Co. LLC and Carey Financial LLC
Document Date 20-Mar-2008
Document Format Civil Proceeding
Case Number 08-cv-02846
Federal District Court New York, Southern District of New York
Federal District Judge Jed S. Rakoff
Allegation Type Broker Dealer
Document Summary On March 3, 2008, the SEC and defendants W.P. Carey & Co. LLC and Carey Financial LLC "consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment"

Disgorgement & Penalty Information

Resolutions
Enjoinment
Monetary Penalties:

Disgorgement

Individual:     $16,085,366.03 Shared:    

Civil Penalty

Individual:     $10,000,000.00 Shared:    

Pre-Judgment Interest

Individual:     $3,893,246.34 Shared:    

Related Documents:

2008_comp20501 18-Mar-2008 Complaint
Complaint
On March 18, 2008, the SEC filed a complaint against W.P. Carey & Co. LLC ("WPC"), Carey Financial LLC ("CF"), John J. Park ("Park"), and Claude Fernandez ("Fernandez") (collectively, "Defendants"). The SEC stated: "This case concerns a number of securities law violations by WPC and CF, including paying nearly $10 million in undisclosed compensation to a broker-dealer that sold the CPA REITs, paying undisclosed compensation to another broker-dealer for proxy solicitation services, conducting an unregistered offering of certain CPA REITs, and other disclosure failures."
LR-20501 18-Mar-2008 Litigation Release
SEC Charges W.P. Carey and Two Senior Executives in Fraudulent Payment Scheme
Commission stated that: "The Securities and Exchange Commission today filed settled securities fraud charges against W.P. Carey & Co., a manager of real estate investment trusts (REITs), and two of W.P. Carey's senior executives for paying undisclosed compensation to a brokerage firm that sold the REITs to investors. W.P. Carey did not disclose the payments to the broker-dealer, as it was required to do in the REITs offering documents, and misrepresented the payments in the REITs' periodic filings."
2008-45 18-Mar-2008 Press Release--Civil Action
SEC Charges W.P. Carey and Two Senior Executives in Fraudulent Payment Scheme
The Commission stated that: "The Securities and Exchange Commission today filed settled securities fraud charges against W.P. Carey & Co., a manager of real estate investment trusts (REITs), and two of W.P. Carey's senior executives for paying undisclosed compensation to a brokerage firm that sold the REITs to investors. W.P. Carey did not disclose the payments to the broker-dealer, as it was required to do in the REITs offering documents, and misrepresented the payments to the REITs periodic filings."

Other Defendants in Action:

John J. Park
Claude Fernandez
Carey Financial LLC

Related Actions:

In the Matter of Ameriprise Financial Services, Inc.
Ameriprise Financial Services, Inc.
In the Matter of Claude Fernandez (CPA)
Claude Fernandez