An appellate panel Tuesday said it wasn’t swayed by arguments hoping to apply a recent U.S. Supreme Court decision limiting excessive forfeitures to a $52.5 million disgorgement won by the Securities and Exchange Commission.
Judges Peter Hall, Gerard Lynch and Christopher Droney affirmed in SEC v. Metter, 16-526-cv, a decision by U.S. District Chief Judge Dora Irizarry of the Eastern District of New York approving a multimillion-dollar disgorgement in the civil fraud case against former SpongeTech Delivery Systems CEO Michael Metter.
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