Court enters judgment against ex-Islander

A U.S. District Court has entered judgments against several defendants, including a former Islander, for engaging in unregistered distribution of billions of shares in a company.

The U.S. Securities and Exchange Commission announced the court’s summary judgments against Doyle Scott Elliott, Scott Elliott Inc., Robert L. Weidenbaum and CLX & Associates Inc., all of Florida.

Elliott was living in Holmes Beach and had an office in Bradenton Beach at the time the SEC case became public. The Manatee County Property Appraiser website indicates he still owns a home on Key Royale Drive that the FBI searched in early 2009.

The district court found that the three defendants engaged in an unregistered distribution of billions of shares of Universal Express Inc. between February 2004 and June 2007.

The judgments enjoined Elliott, SEI, Weidenbaum and CLX from future violations of the securities registration provisions of Section 5 of the Securities Act of 1933, ordered them to disgorge over $8.6 million in profits, plus prejudgment interest and pay penalties.

They also are barred them from participating in further penny stock offerings.

Another hearing in the case, which dates back to at least September 2009, is scheduled for December.

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