A new judge in a nine-year-old securities fraud case has followed a mandate from federal appeals judges and sided with the U.S. Securities & Exchange Commission 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 LLC, 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. She also levied $422,048 in penalties and interest against Wyer’s partner in the venture, attorney Kurt V. Beasley, a member of the Waterford Law Group in Brentwood, Tenn., a Nashville suburb.
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