Beginning in June 2003, Spectrum Group International (SGI) acted as the exclusive supplier of collectibles, mostly stamps, to Spanish collectibles company Afinsa Bienes Tangibles, S.A. In 2006, Spanish authorities began investigating an alleged criminal scheme by Afinsa and several officers and directors of SGI, including CEO Greg Manning and CFO Larry Crawford. The targets of the investigation were accused of money laundering, fraud and tax evasion relating to a stamp investment operation. In March 2009, the U.S. Securities and Exchange Commission reached a settlement with SGI (then known as Escala Group) resolving alleged securities laws violations connected with the company’s dealings with Afinsa. Under the terms of the settlement, SGI did not admit or deny the government’s allegations and consented to a permanent injunction against any future violations of the federal securities laws. The SEC did not impose any monetary penalties.