5th Circuit: Disgorgement Properly Issued In SEC Action Over Investment Scheme

Mealey's (July 29, 2022, 1:28 PM EDT) -- HOUSTON — A federal district court did not err in ordering a man to pay disgorgement of ill-gotten gains for his role in an allegedly illegal investment scheme based on case law decided before the U.S. Supreme Court’s ruling in Liu v. SEC because amendments Congress made to the Securities Exchange Act of 1934 in the wake of Liu authorized the district court to make the ruling that it did, a divided Fifth Circuit U.S. Court of Appeals panel ruled in affirming July 19....