SEC v. James F. Glaza d/b/a Falcon Financial Services, Inc. (unregistered distributions, 2005)

Judgment entered

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In 2005 an SEC administrative law judge found James F. Glaza violated Section 5 and the antifraud provisions, ordering $318,193 disgorgement, a $110,000 penalty and industry and penny stock bars.

The record

What was ordered

Civil penalty

$110k

Disgorgement

$318k

Prejudgment interest

—

Total relief

$428k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

On July 21, 2005 an SEC administrative law judge issued an initial decision on remand against James F. Glaza, who did business as Falcon Financial Services, Inc. It finds that from August 1999 to May 2000 he willfully violated Securities Act Sections 5(a), 5(c) and 17(a) and Exchange Act Section 10(b) in selling OnLine Power Supply, Inc. stock, and orders $318,192.66 in disgorgement plus interest, a $110,000 penalty, and a bar from association with any broker or dealer and from penny stock offerings. The record previously showed the status as dismissed, which is wrong.

This library tags the matter as unregistered distributions, based on the conduct the document describes. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Unregistered distributions — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2005-07-21 Initial decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• Initial decision (ID-293)
• Finality order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.