Boca Raton, Florida (PRWEB) October 01, 2014
As a result of recent third party internet searches which fail to report the final outcome of the case and customer inquiries regarding the facts and circumstances of the SEC's seizure of jewelry items purchased by Kravit from Richard Altomare the company's business reputation has been and will continue to be affected. The company feels it is necessary to provide to the public accurate information regarding the final outcome of the case in order to protect its over five generations of spotless business practices. The SEC's actions have tainted this reputation because of the lack of reporting of the final outcome to the general public.
Following two hearings in the US District Court for the Southern District of New York, the Honorable Gerard E. Lynch, District Judge, issued an opinion and order (2009 WL 1835915 (S.D.N.Y.)) in favor of Kravit, the Estate Department, Inc. a Florida corporation located in Boca Raton, Florida and against the United States Securities and Exchange Commission. On November 5, 2007, Kravit was subjected to a summary seizure by US Marshalls of approximately $571,000.00 worth of jewelry it had previously purchased from Richard Altomare and his wife Barbara Altomare. Unknown to Kravit, the Altomare’s were the subject to a previously issued Court order for restitution owed in a civil case involving the SEC. In a motion in that case, the SEC alleged that the sale to Kravit was fraudulent and that Kravit should have had constructive knowledge of the previous order. Kravit immediately intervened in that case as a third party. After hearing extensive testimony and reviewing all relevant facts, the Court held that the SEC was incorrect in its seizure of the jewelry, held that Kravit was a bona fide purchaser for value, ordered a return of all items to Kravit and further ordered the SEC to pay Kravit’s attorney’s fees and costs. The Court’s final judgment was issued on June 25, 2009.