Court freezes assets of North American Clearing, 3 executives (AP) (29-05-2008)

WASHINGTON (AP) -- The SEC won a court order against brokerage firm North American Clearing Inc. The firm’s assets plus those of two current and one former executive, are to be frozen; they were all accused of defrauding investors.

The asset freeze and temporary restraining order stand since Wednesday against North American Clearing, based in Longwood, Fla.; its founder and owner, Richard Goble, who also is a director; its president Bruce Blatman and its former financial and operations officer Timothy Ward.

The Financial Industry Regulatory Authority, the securities industry's self-policing organization, filed similar charges against North American Clearing last year. Goble sits on the board of governors of FINRA, where he represents small brokerage firms.

In a lawsuit filed Tuesday in federal court in Orlando, the SEC charged the firm and the three individuals with civil fraud and other violations of securities laws, alleging that they misused customer funds to conceal the firm's financial problems and pay for its daily business operations.

The SEC also is seeking unspecified civil penalties against North American Clearing, Goble, Blatman and Ward as well as unspecified restitution of allegedly ill-gotten profits from the firm and Goble.

  Source AP