Russell Ponce v. Securities & Exchange Commission

Petitioner Russell Ponce (“Ponce”) petitions for review of the Securities and Exchange Commission (“SEC”)’s ruling that he (1) violated the Securities Exchange Act of 1934 (“Exchange Act”), Section 10(b) and Rule 10b-5 thereunder, by preparing and certifying financial statements of American Aircraft Corporation (“AAC”), filed with the SEC, that Ponce knew, or was reckless in not recognizing, were false; (2) willfully aided, abetted, and caused AAC to violate Exchange Act Section 13(a), and Rules 13a-l, 13a-13, and 12b-20, by filing reports with the SEC that containéd false statements of material fact, and failing to correct misleading or omitted information; (3) willfully aided, abetted, and caused AAC to violate Exchange Act Section 13(b)(2), by failing to maintain AAC’s books, records, and accounts to accurately and fairly reflect the transaction and disposition of AAC’s assets; and (4) violated Rules 102(e)(1)(h) and (hi) of the SEC’s Rules of Practice by engaging in improper or unethical professional conduct in connection with AAC’s accounting, and by aiding, abetting, and causing AAC’s violation of federal securities laws, and rules and regulations thereunder. As a…