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Looks like wannabe corporate raider Theodore Roxford, aka David Niren, aka Theodore Vakil, aka Edward Pastorini, has no intention on ponying up a $900,000 judgment the Securities and Exchange Commission won against him last week. According to Bloomberg News, the Canadian man accused of making bogus bids for Sony Corp. and Zapata Corp. said the SEC won't be able to collect the civil penalty imposed on his firm Hollingsworth, Rothwell & Roxford on Feb. 29. The case against Roxford, who didn't appear in court, remains open.
"The SEC never proved their case," Roxford, who has said in court papers that he is in Mendoza, Argentina, wrote in an e-mailed statement to Bloomberg. "We just lost interest in it and let it default."
The lawsuit, filed in federal court in Manhattan in June, alleges that Roxford and HRR made phony offers to acquire companies and used the Internet, press releases and even an SEC filing with respect to the Sony deal to publicize those bids. The offers were originally made between 2003 and earlier this year. "Roxford's intent in making the phony public tender offers was to manipulate the price of the target company's stock by inducing investors to purchase the stock of the target company," the SEC said in its lawsuit. "Roxford and HRR did not intend to complete the offers and did not have the financial means to do so." - Donna Block See complaint from the SEC (pdf) See story from Bloomberg See earlier stories from Dealscape Categories Deal Video
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