U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20956 / March 16, 2009
Securities and Exchange Commission v. K.W. Brown and Company, et al., Civil Action No. 05-CV-80367-JOHNSON (S.D. Fla.)
COURT ESTABLISHES FAIR FUND AND APPOINTS A DISTRIBUTION AGENT IN K.W. BROWN AND COMPANY, ET AL.
The Securities and Exchange Commission announced that on January 29, 2009, the Honorable Linnea R. Johnson, United States Magistrate Judge for the Southern District of Florida, entered an order granting the Commission's motion to establish a Fair Fund distribution fund (Fair Fund) in accordance with Section 308(a) of the Sarbanes-Oxley Act. The Commission has collected in the aggregate approximately $6.4 million from Defendants K.W. Brown & Company, 21st Century Advisors, Inc., K.W. Brown Investments, Kenneth Brown and Wendy Brown and all of these funds have been deposited into the Fair Fund.
The Judge also granted the Commission's motion to appoint Kevin Love, Esq. of the firm of Criden & Love, P.A., 7301 S.W. 57th Court, Suite 515, South Miami, FL 33143, (305) 357-9010, www.cridenlove.com, as Distribution Agent for the Fair Fund. Mr. Love has been appointed by the Court to distribute the Fair Fund in a fair and equitable fashion.
For more information about the SEC's action, refer to LR-19209 (April 27, 2005) and LR-20425 (Jan. 8, 2008).