Judge Questions Delays in SEC Disgorgement Case
Southern District Judge Kenneth Karas was "perplexed" by a defendant's failure to comply with court-ordered disgorgement calculations, he said in a ruling last week.
June 12, 2017 at 04:04 PM
2 minute read
Southern District Judge Kenneth Karas was “perplexed” by a defendant's failure to comply with court-ordered disgorgement calculations, he said in a ruling last week.
The defendant, Edward Bronson, was ordered to provide transaction expenses related to a March 27 summary judgment that Bronson's company had failed to register as a broker while conducting interstate securities business in penny stocks.
Karas agreed with Bronson in March that the U.S. Securities and Exchange Commission's disgorgement request for $9.6 million, along with $1.8 million in prejudgment interest, should be offset by transaction expenses. Bronson was given seven days to provide the calculations.
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