A new judge in a 9-year-old securities fraud case has followed a mandate from appellate judges and ordered a defunct Tennessee capital investment firm to pay $5.2 million in disgorgement penalties and $3 million in accumulated interest.
In addition to the $8.2 million judgment against Merchant Capital, U.S. District Senior Judge Orinda D. Evans also levied $1.1 million disgorgement penalties and interest against Merchant Capital’s principal, Tennessee businessman Steven C. Wyer.
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