Business
JBI, Inc. Receives Court Approval for Previously Announced SEC Settlement
JBI, Inc. Receives Court Approval for Previously Announced SEC Settlement.
About this update from Plastic2oil, Inc.
[{"type":"text","content":"JBI, Inc. Receives Court Approval for Previously Announced SEC SettlementNIAGARA FALLS, NY, Mar 21, 2013 -- JBI, Inc. (the \"Company\")(otcqb:JBII) announced today that the U.S. District Court, District of Massachusetts, has approved the settlement of the previously announced Securities and Exchange Commission (SEC) enforcement action against the Company and its former chief executive officer, John Bordynuik.Under the terms of the settlement, the Company and Mr. Bordynuik consented to the entry of orders enjoining themfrom future violations of certain provisions of the federal securities laws (including the antifraud, reporting and books and records provisions), andrequired the Company and Mr. Bordynuik to pay civil penalties of $150,000 and $110,000, respectively. The settlement did not require payment of \"disgorgement\"or other amounts. The order against Mr. Bordynuik included a five-yearofficer/director bar. Mr. Bordynuik stepped down from his Officer and Director positions with the Company in May 2012, and currently serves as its Chief ofTechnology.","length":2142,"tagName":"div"}]