Gobal's total assets under management was set at a fictitious $5.7 million in July 2011 and was returned to its true value, $2 million, the next month, according to the SEC.
The SEC wants the court to prohibit Cannon and the two RKC firms from doing business that violates the law and wants the court to order Cannon to pay civil penalties and to give up all ill-gotten gains received during the period the fraud was conducted.
-Karen DeMasters