It was a recent report that Willie Gault, former National Football League wide receiver and Olympic sprinter, was asked to settle some charges for a lawsuit filed against him recently. The involved parties have also made the public aware that Gault himself will file for appeal.
According to News FM, an amount of $206,571 was ordered to be paid for by Willie Gault due to a U.S. Securities and Exchange Commission for his participation in a plan to further increase the stock price of a heart-monitoring device maker. Moreover, U.S. District Judge James Selna of the Santa Ana, California federal court demanded that Gault pay $78,000 as civil fine and surrender $101,000 worth in ill-gotten gains plus an interest of $27,571. For more information, Gault was co-chief executive officer at Heart Tronics, Inc.
It was delivered recently by Daily Mail that Judge Selna also proceeded with banning Gault from rendering services as a director or officer for public companies. Naturally, Gault spoke that he will cordially appeal over the said claims soon enough.
As per Reuters, it was back in March that a federal jury cleared Gault of intentional fraud, though found responsible for less drastic charges such as filing false certifications with the SEC and the aforementioned circumventing of the internal controls of Heart Tronics. Dentons law firm's George Newhouse that represents Gault declared the appeal of Gault, in which the SEC has now sued with the inclusion of the others involved.
Such other defendants include Mitchell Stein who was a lawyer that the SEC claimed to have controlled much of Heart Tronics' business, as well as hiring promoters for the online stocks and further on including Gault to co-CEO for publicity purposes. Newhouse was quoted in an interview, saying, "We think the judge imposed remedies far exceeding what is provided under the law.
Since the jury clearly, and unequivocally, rejected any fraud by our client, it is wholly inappropriate to require disgorgement. No proceeds from any fraud went into Mr. Gault's pocket, and he was a victim of fraud by Mr. Stein."
Gault can be recalled playing 11 seasons in the NFL, under the Chicago Bears and Los Angeles Raiders. He won the Super Bowl XX with the Bears in 1986.
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