For the last couple of decades, Barry Bekkedam has been pretty busy. He founded and ran his own money management firm, drummed up $100 million of the $1.2 billion invested in the Scott Rothstein Ponzi scheme and helped defraud the TARP program of $13 million in federal bailout money before steadfastly proclaiming his innocence, going on trial, getting convicted, fighting tooth and nail to stay out of prison before finally spending the 11 months he’d been sentenced to in jail.
So when he got out of the pokey back in January, Bekkedam undoubtedly had big plans for spending his time after so many jam-packed years. He’d undoubtedly hoped to spend some time on the beach near his Florida home once things warmed up again, and also to fight the deportation proceedings surely coming his way as a convicted felon who also happens to be a native and citizen of Canada. Alas, the coronavirus pandemic seems to have gotten in the way of both of those, since his local beaches are closed and the deportation courts are too busy exporting COVID-19 to Central and South America to be bothered with a Canadian who ripped off both his clients and his host government. So, finding himself with not much else to do, Bekkedam decided to tie up some other old, outstanding matters, especially since the SEC didn’t seem interested in making it difficult for him.
Under the terms of the settlement, which is subject to court approval, Bekkedam has agreed to be permanently enjoined from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, Section 17(a) of the Securities Act of 1933, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, and to pay disgorgement of $150,000 plus prejudgment interest in the amount of $70,969.