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SEC Bars Attorney

WASHINGTON (CN) - The SEC has permanently suspended attorney Moneesh Bakshi from practicing before it after finding that he filed false documents with the Commission and participating in fraud as corporate counsel for Ramoil Management Ltd.

"In part as a result of Bakshi's fraud, Ramoil's stock price rose to an all-time high of $20 per share, before plunging to less than 10 cents per share and eventually being de-listed," the SEC said in a press release.

The U.S. District Court for the Southern District of New York fined Bakshi $100,000 on Oct. 25, 2007, finding he had violated securities laws at Ramoil. The court's injunction became permanent on Dec. 28. Bakshi remains a licensed attorney.

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