SEC files against prosecutor
A former Los Angeles prosecutor last week became the first Justice Department official ever sued by the Securities and Exchange Commission.
Andrew S. Pitt, who has been on paid administrative leave from the U.S. Attorney’s Office in Los Angeles since 1995, was charged in a federal complaint with making false public statements designed to mislead investors in a publicly held company controlled by Pitt.
Shares in Pitt’s Conectisys Corp. once traded for as much as $25, although they were trading at between $2.25 and $2.50 last week. Pitt is accused of drafting a business plan for Conectisys that contained descriptions of products that didn’t exist, among other allegedly false statements.