The Securities and Exchange Commission on Wednesday suspended San Diego attorney Robert C. Weaver, Jr. for his role in a scheme to sell phony shell companies.
Weaver wrote "opinion of legality" letters and filled out misleading documents for a scheme run by Thomas and Elizabeth Coldicutt, who were fined $5.4 million for their role in the scam.
Weaver has to pay a fine of $114,393.34, is enjoined from violating securities laws, banned for five years from being an officer or director of a firm and participating in penny stock (less than $5) activity.
Weaver once served as a lawyer for the notorious La Jolla Capital, a fast-buck operation that was shut down in 1999 by the California Department of Corporations. Investors got 2.5 cents on the dollar. Weaver had resigned from the business in 1997. The head of the firm went to prison.