Mealey's (August 8, 2022, 1:18 PM EDT) -- RICHMOND, Va. — A Fifth Circuit U.S. Court of Appeals panel on Aug. 4 ruled that a federal district court did not abuse its discretion in holding a man alleged to have been operating a securities fraud scheme and his company jointly and severally liable for disgorgement as a penalty for their alleged operation of the scheme because the disgorgement amount ordered in the Securities and Exchange Commission civil enforcement action was warranted based on the man’s control of the company and the company’s conduct in the alleged scheme....