Owen Naccarato, a lawyer, agreed to pay a fine of US $10,000 and not to provide to or receive compensation for legal advice on registration exemptions under applicable law or Securities and Exchange Commission rules for five years. Mr. Naccarato was sued by the SEC in a US federal court in Florida for issuing two opinion letters in September 2013 recommending removal of restrictive legends from stock certificates of Global Digital Solutions, Inc. that falsely represented that the company was not a shell company and that certain shareholders were not affiliates. As a result, these certificates—which were initially issued relying on an exemption from registration—were sold to third parties without restriction, raising $495,000 for the company. Previously, the SEC brought a lawsuit to enjoin GDS, its former chairman and chief executive officer, and its former chief financial officers from violating anti-fraud and reporting requirements of federal securities laws (click here to access the prior SEC legal action).