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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.

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Comments

MichaelValentine Nov. 14, 2014 @ 6:46 p.m.

Is this a felony conviction or just an administrative legal action and will he be disbarred?

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Don Bauder Nov. 14, 2014 @ 9:51 p.m.

MichaelValentine: The SEC does not have criminal authority, hence this is a civil case. It's hard to say if he will be disbarred. He was charged with serious offenses but might escape disbarment. Best, Don Bauder

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MichaelValentine Nov. 18, 2014 @ 2:48 p.m.

In rereading this I find it funny that he was "enjoined from violating security laws" as if it was cool before the conviction.

Sorry I have way too much time on my hands.

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Don Bauder Nov. 18, 2014 @ 4:52 p.m.

MichaelValentine: The standard SEC action is that the cozener is enjoined from violating securities laws. He neither confirms nor denies the accusation. ("I didn't do it but I won't do it again.") Obviously, this is lollipop stuff, and one reason the SEC is so easy on crooks. Best, Don Bauder

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Ponzi Nov. 15, 2014 @ 6:33 p.m.

Is Weaver licensed in practice law in California? I don't find his name in the State Bar.

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Don Bauder Nov. 15, 2014 @ 6:45 p.m.

Ponzi: Yes, he is listed in the bar under the name Robert Christian Weaver Jr. Best, Don Bauder

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