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SEC Settles for $1.4M

WASHINGTON (CN) - A New Yorker who runs three Mazuma corporations will pay $1.4 million to settle an SEC complaint, the agency said.

The SEC filed a cease-and-desist order against Curt Kramer, of Glen Head, and his companies Mazuma Corp., Mazuma Funding Corp., and Mazuma Holding Corp.

It claims Kramer violated federal securities laws by buying billions of shares in two microcap companies and failing to register them before reselling them at a profit.

The two microcap companies - Laidlaw Energy Group and Bederra Corp. - are not involved in the SEC lawsuit.

Kramer agreed to disgorge $1.1 million, plus $129,000 in interest, and pay $273,000 in penalties, the SEC said.

As is customary with the SEC, he does not have to admit he did anything wrong.

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