U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23873 / July 5, 2017
Securities and Exchange Commission v. LocatePlus Holdings Corp., Jon Latorella and James Fields, No. 10-CV-11751 (D. Mass. filed Oct. 14, 2010)
United States v. Jon Latorella and James Fields, No. 1:10-CR-1038- DPW (D. Mass. filed Nov. 10, 2010)
Final Judgments and Restitution Orders Entered Against Former Officers of Massachusetts-Based Information Technology Company
On June 27, 2017, the Honorable Douglas P. Woodlock of the U.S. District Court for the District of Massachusetts entered final judgments against the former CEO and CFO of a Massachusetts-based information technology company.
The SEC charged Jon Latorella of Marblehead, Massachusetts and James C. Fields of Brookline, Massachusetts with fraud for falsifying LocatePlus Holdings Corp.’s financial reporting. The final judgments, entered on June 27, 2017 by the Honorable Douglas P. Woodlock of the U.S. District Court for the District of Massachusetts, enjoin both Latorella and Fields from violating Sections 5 and 17(a) of the Securities Act of 1933, Sections 10(b), 13(a), 13(b)(2)(A) and (B), and 13(b)(5) of the Securities Exchange Act of 1934 and Exchange Act Rules 10b-5, 12b-20, 13a-1, 13a-11, 13a-13, 13b2-1 and 13b2-2 and impose penny stock and officer-and-director bars.
Latorella and Fields also were charged criminally. Both Latorella and Fields were each sentenced to 60 months’ imprisonment and ordered to make approximately $4.9 million in restitution, on a joint and several basis. In the criminal restitution order, the court noted that it was not imposing disgorgement in the SEC’s case because it would be duplicative of the restitution order.
LocatePlus has filed for bankruptcy protection and has settled the SEC’s charges.
The court’s entry of the final judgments against Latorella and Fields resolve this litigation in its entirety.