HomePals, LLC, HomePals Investment Club, LLC, Ronnie Eugene Bass, Jr., Abner Alabre and Brian J. Taglieri

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 21900 / March 24, 2011

Securities and Exchange Commission v. HomePals, LLC, HomePals Investment Club, LLC, Ronnie Eugene Bass, Jr., Abner Alabre and Brian J. Taglieri, Civil Action No. 09-CV-81524-Ryskamp/Vitunac (S.D. Fla.)

The Commission Dismisses Its Claim for Disgorgement, Prejudgment Interest and Civil Penalties Against All Defendants Due to Criminal Sanctions

The Commission announced that it dismissed its claims for disgorgement and civil penalties against three individual defendants due to prison sentences and restitution orders entered against the defendants in a parallel criminal action. The Commission dismissed its disgorgement and civil penalty claims against Ronnie Eugene Bass, Abner Alabre, and Brian J. Taglieri in light of Bass's 204-month prison sentence and $3.9 restitution order, and 60-month prison sentences and $3.9 million restitution orders against Alabre and Taglieri. See US v. Bass, et al., Crim. Action No. 09-80129-CR.

On October 16, 2009, the Commission filed its complaint against Bass, Alabre and Taglieri, along with two companies, HomePals LLC and HomePals Investment Club, LLC (collectively HomePals). The complaint alleged they ran a Ponzi scheme and affinity fraud that targeted Haitianâ€"American investors residing in South Florida. Alabre and Taglieri both consented to the entry of an injunction against future violations of the federal securities laws. Bass and HomePals defaulted by failing to appear, answer or otherwise plead in response to the Commission's complaint and a default judgment of permanent injunction was entered against them. The Commission also dismissed its disgorgement and penalty claims against the two HomePals entities.

For more information on earlier actions in this case, see LR-21251 (Oct. 16, 2009), LR-21265 (Oct. 29, 2009), LR-21316 (Dec. 1, 2009) and LR-21354 (Dec. 29, 2009).