SEC files suit against Gault

Updated: December 20, 2011, 7:26 PM ET
The Associated Press

LOS ANGELES -- The Securities and Exchange Commission is suing former Chicago Bears wide receiver Willie Gault and five others, accusing them of a scam to artificially inflate the stock of a heart monitoring device company.

Federal regulators filed a civil complaint Tuesday in Los Angeles alleging that Gault, talent agent J. Rowland Perkins and attorney Mitchell Stein defrauded investors. The lawsuit seeks the return of ill-gotten gains.

Authorities say Stein reaped nearly $8 million ...

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