Molinari and Nationwide Pharmassist Corp.

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 22959 / April 1, 2014

Securities and Exchange Commission v. Molinari and Nationwide Pharmassist Corp., Civil Action No. 13-cv-80807-Dimitrouleas

District Court Enters Judgment On the Pleadings Against Defendant Stephen F. Molinari, Final Judgment Against Defendant Nationwide Pharmassist Corp., and Order Dismissing Case

The Commission announced that on March 7, 2014, the United States District Court for the Southern District of Florida entered a Judgment on the Pleadings against Defendant Stephen F. Molinari, enjoining him from violations of Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 and Section 17(a)(1) of the Securities Act of 1933. The Court also barred Molinari from serving as an officer or director of a public company along with a penny stock bar. In addition, at the Commission's request, District Judge William P. Dimitrouleas dismissed the Commission's claims against Molinari for disgorgement, prejudgment interest, and a civil penalty, based on the parallel criminal case, where Molinari was convicted of mail fraud and sentenced to six months in prison, three years of supervised release, and restitution of $40,000.

On March 5, 2014, the Court entered Final Judgment by Consent against Defendant Nationwide Pharmassist Corp, enjoining the company from violations of the same securities laws. The Court also ordered Defendant Nationwide to pay a civil penalty of $20,000. Also on March 5, 2014, the Court dismissed the Commission's claims for disgorgement and prejudgment interest against Nationwide.

The Commission commenced this action by filing its Complaint on August 14, 2013, against Molinari and Nationwide. The Complaint alleges violations of the antifraud provisions of the federal securities laws.

For more information on earlier actions in this case, see Litigation Release No. 22780 (Aug. 14, 2013).