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Arneson also consented to pay disgorgement for the insider trading violations in the amount of $15,094, prejudgment interest in the amount of $5,305.21, a civil penalty in the amount of $15,094, and an additional civil penalty in the amount of $25,000 for aiding and abetting George Kline's reporting violations.
Ridgedale Bank consented, without admitting or denying the allegations in the complaint, to the entry of an order of permanent injunction enjoining Ridgedale Bank from violations of Section 16(a) of the Exchange Act and Rule 16a-3 thereunder.
Ridgedale Bank also consented to pay disgorgement in the amount of $65,582, prejudgment interest in the amount of $26,604.67, and a civil penalty in the amount of $40,000.
At the time Ridgedale Bank made these loans, Arneson and Ridgedale Bank knew or had reason to know that the purpose of PMI was to avoid corporate insider reporting requirements.
Ridgedale Bank approved a second loan to PMI on November 6, 1997, in the amount of $400,000.
Arneson and Ridgedale Bank knew or had reason to know that Kline was using the proceeds of the loans to PMI to illegally avoid insider reporting requirements.
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