Defendant Name: Escala Group, Inc.

Defendant Type: Public Company
SIC Code: 7380
CUSIP: 29605W10

Document Reference: comp20965

Document Details

Legal Case Name SEC v. Escala Group, Inc., Gregory Manning, Larry Lee Crawford, CPA
Document Name Complaint
Document Date 23-Mar-2009
Document Format Civil Proceeding
Case Number 09-cv-02646
Federal District Court New York, Southern District of New York
Allegation Type Issuer Reporting and Disclosure
Document Summary On March 23, 2009, the SEC filed a complaint against Escala Group, Inc. The Commission stated: "This is a disclosure and accounting fraud case that concerns fraudulent related party transactions between Escala, then a Nasdaq-listed company in the collectibles market, and its parent company, Afinsa Bienes Tangibles, S.A. ("Afinsa"), a privately held Spanish company that sold investments in portfolios of stamps in Europe, in connection with sales that became part of what Spanish criminal authorities have called a ponzi or pyramid scheme."

Related Documents:

LR-20965 23-Mar-2009 Litigation Release
SEC Charges Escala Group, Inc., its Former CEO and CFO with Disclosure and Accounting Fraud Concerning Related Party Transactions with Parent Company Afinsa
The SEC stated that: "[It] y filed a disclosure and accounting fraud case against then-NASDAQ National Market issuer Escala Group, Inc.; its founder and former CEO Gregory Manning, 62; and its former CFO Larry Lee Crawford, 60, alleging fraudulent related party transactions between Escala and its parent company, Afinsa Bienes Tangibles, S.A. ("Afinsa")."
court_doc3_09-cv-02646 30-Mar-2009 Court Docket Document
Final Judgment as to Defendant Escala Group Inc.
On March 30, 2009, the Court issued a final judgment against Defendant Escala Group, Inc. The Court stated: "Defendant Escala Group, Inc. . . . consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of facts and conclusions of law; and waived any right to appeal from this Final Judgment."

Other Defendants in Action:

Gregory Manning
Larry Lee Crawford, CPA