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Securities and Exchange Commission v. First Choice Management Services, Inc., et al

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ARGUED FEBRUARY 16, 2012

Before POSNER, RIPPLE, and WILLIAMS, Circuit Judges.

This case, in the form in which it comes to us (an appeal from a contempt judgment against a company called SonCo Holdings), has a small head but a long tail. It began in 2000 as a suit by the SEC, filed in a federal district court in Indiana, charging fraud in violation of federal securities law. The court appointed a receiver, Joseph Bradley, to take charge of the defendants’ assets and distribute them among the victims of the $31 million fraud. Bradley went hunting for the assets and found that some of them had been used to acquire oil and gas leases in Texas in the name of a sham corporation called Branson Energy Texas.

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