Legal
SEC Settles with Alternate Green CEO, Still Suing Belmont Partners
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A key defendant in a civil suit against defunct Alternative Green Technologies (AGTI) settled with the Securities and Exchange Commission last month, but the regulator is still pursuing a case against investment bank Belmont Partners for allegedly bungling a reverse merger. The commission entered a judgment against Alternative Green CEO Mitchell Segal, permanently banning Segal from offering or trading in penny stocks. Financial reparations will be determined later. In December of last year, the commission accused Roslyn, N.Y. attorney Segal and Belmont Partners principal Joseph Meuse of reverse merger improprieties that allegedly occurred in 2008 and 2009. Belmontfiled court papers refuting theSEC’s claims, including an April motion and asking to have the case dismissed.
