Afinsa – Securities Class Action
Beginning in June 2003, Spectrum Group International acted as the exclusive supplier of collectibles, mostly stamps, to Spanish collectibles company and SGI majority shareholder 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 December 2008, SGI (then known as Escala Group) settled a class action filed on behalf of shareholders who claimed they were harmed as a result of the Afinsa transactions. Under the terms of the agreement, SGI agreed to pay $6 million in cash and $8 million in stock.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Filing
|Spectrum Group International, Inc.||$14,000,000|