A Statement from András Balogh's Legal Counsel Regarding Recent Settlement with SEC in Magyar Telekom Case

The settlement reached by my client, Mr. András Balogh—a Hungarian resident who has never lived or worked in the United States—provides closure to him related to claims stemming from conduct that was alleged to have occurred in Macedonia more than a decade ago. Despite defending against these allegations from the initiation of the case almost six years ago, for personal and family reasons (most specifically, the seriously declining health of his elderly father, which has recently required expert medical intervention), Mr. Balogh finally concluded that under these circumstances he could not travel to New York in May to personally appear at trial in his own defense against the SEC’s allegations, but instead should resolve the case consistent with the negotiated settlement terms and without either any admission of liability or further denials of misconduct. Accordingly, the allegations in the SEC’s civil complaint have not been, and will now never be heard, evaluated, or decided by a jury in a court of law.