Seinfeld, Postma and the Hospice Patient Aid Program agreed to the settlement without admitting or denying the charges, the SEC said. In addition to permanent injunctive relief, Seinfeld has agreed to a 3-year officer-and-director bar and to pay $412,750 in disgorgement and prejudgment interest and a $256,287 penalty. Postma has agreed to a 2-year officer-and-director bar and to pay $93,750 in disgorgement and prejudgment interest and a $50,000 penalty.
The SEC said the settlements are subject to court approval. It added that in settlement of an anticipated SEC administrative proceeding, Seinfeld has also offered to consent to securities-industry and other bars, with a right to apply for readmission after three years.