SEC obtain Final Judgment against James Merrill & Joe Craft (TelexFree)
Last we checked in the SEC were seeking Final Judgment against TelexFree cofounder and President, James Merrill.
In a parallel criminal case Merrill was sentenced to six years prison back in March.
According to a filing by the Trustee in July, the SEC had also reached a stipulated settlement agreement with TelexFree’s CFO, Joseph Craft.
In a September 12th press-release, the SEC have confirm approval for both settlements.
As per their respective settlements, both Merrill and Craft are prohibited from committing further securities fraud violations.
Merrill is also permanently prohibited from being an officer or director of a public company. Craft received the same ban for five years.
On the money side of things Merrill’s disgorgement settlement of $3.6 million has already been satisfied in the criminal case.
Craft copped a $50,000 fine and on top of that will return $298,708 in disgorgement and prejudgment interest.
The TelexFree Trustee separately sued Craft for $1.2 million dollars in April, 2016.
Craft’s settlement with the SEC is deemed satisfied through an order requiring him to surrender “certain assets” to the Trustee.
In a nutshell, both men’s professional careers are over.