SEC Drops Contempt Order Against the 3 Owners of First Pension Corp.


The Securities and Exchange Commission has withdrawn a contempt order asking a federal judge to jail the three owners of First Pension Corp.

The SEC had requested the order on June 10, saying that the three had not complied with a May 23 court order requiring them to provide the SEC with various financial records. The agency said Monday it now has those documents.

"We were able to work this out within the parties," said Lisa Gok, assistant regional director for the SEC in Los Angeles.

A hearing on the matter scheduled for today was canceled, the SEC said.

William E. Cooper, Robert E. Lindley and Valerie Jensen are implicated in the loss of as much as $125 million of investors' funds in the collapse of the Irvine-based pension management firm. The three have agreed to plead guilty to federal criminal charges in the case.

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