Renton, WA -- (ReleaseWire) -- 08/18/2022 --The Company has been notified that Judge James L. Robart, U.S. District Court for the Western District of Washington, has issued a final judgment in the above referenced case finding that no disgorgement of profits or pre-judgment interest is warranted in this case.
Our attorneys are reviewing the judgment to determine if any additional action is appropriate.
This judgment concludes an ongoing eight-year dispute between the Securities and Exchange Commission and the Company over the authorized timing and use of loan proceeds from a 2011 privately secured commercial real estate loan where the project, an industrial warehouse, was fully completed, the lender-investors supported and ratified the Company's actions, and all lender-investors have been or will be repaid in full. No investor lost any portion of their principal, and equally significant, given that every investor has or will receive 100% of their principal, Judge Robart concluded there were no ill-gotten gains [unjust profits] by any party that should be disgorged to investors.
While the Company continues to believe that its actions under the terms of the secured real estate loan were fully authorized by its investors, it accepts the ruling of Judge Robart and will remit the civil penalties that the Court has ordered. The Company looks forward to refocusing its energy and resources on its core mission of developing great projects that support the economy of Washington State and create great family wage jobs.
For additional information contact:
Frank Siderius
Attorney at Law
Siderius Lonergan and Martin LLP
500 Union Street, Suite 847
Seattle, Washington 98101
(206) 624-2800
Securities and Exchange Commission v. Aero Space Port International Group, Inc., Chin Et Al
Final judgment in the above referenced case finding that no disgorgement of profits or pre-judgment interest is warranted in this case.