Volmer

MEMORANDUM **

The Appellants Brian Volmer (“Volmer”), International Alliance Trading, Inc. (“Int’l Alliance”), Sun Pacific Capital Group, Inc. (“Sun Pacific”), and Lisa Newman Volmer appeal the decision of the District Court, wherein it entered an Order and Judgment in favor of the Appellee *572 Securities and Exchange Commission (“SEC”). The District Court held that Volmer and his two firms, Int’l Alliance and Sun Pacific, were liable for touting the stock of Cetacean Industries Inc. and Juina Mining Company without disclosing compensation they received from the issuer for doing so. The court found that Appellants had received profits from their activities in the amount of $296,429. The court also held Volmer and Int’l Alliance liable for making material misrepresentations in a newspaper advertisement touting stock for Cetacean Industries Inc.

Furthermore, the court entered permanent injunctions against future violations by Volmer, Int’l Alliance, and Sun Pacific. The court also ordered Volmer to disgorge $296,429, along with prejudgment interest of $22,021. The court further imposed a civil penalty upon Volmer in the amount of $296,429, pursuant to Section 20(d) of the…