Judge William Pauley had a lot of problems Wednesday with a consent decree the U.S. Securities and Exchange Commission reached with a Cayman Islands bank accused of a pump-and-dump scheme—but he had to approve it anyway.
Pauley on Wednesday decried what he called “a phantom judgment against a defunct entity” involving a $25 million disgorgement by Caledonian Bank that will never occur. He also had a number of questions over whether the public interest was served.
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