Endocare reaches agreement with SEC to pay $750,001 in penalties

By Lisa Kerner

Erie, Pa., April 10 - Endocare Inc. said it has reached a settlement with the Securities and Exchange Commission in regards to a previously announced investigation the SEC began in 2003.

The proposed settlement, which remains subject to final approval by both the SEC and court, includes the following principal terms: Endocare would pay a total of $750,001 in civil penalties and disgorgement.

The company said it would also agree to a stipulated judgment enjoining future violations of securities laws, according to a news release.

On April 7, Endocare entered into an escrow agreement with its outside counsel, Morrison & Foerster LLP, to place $750,001 in escrow with counsel at the SEC's request.

Endocare is an Irvine, Calif., medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation.

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