Treaty Energy Corp. and its officers must pay the SEC more than $11.6 million in disgorgement, interest, and fines after a Louisiana federal judge ruled against them in a case stemming from a stock scheme.
The New Orleans-based oil and gas company unsuccessfully argued that the case ought to be stayed because the Securities and Exchange Commission “lacks authority to seek disgorgement in civil enforcement proceedings,” the U.S. District Court for the Eastern District of Louisiana said Wednesday. The U.S. Supreme Court heard oral arguments on disgorgement authority in another case March 3 but has yet to rule.
No federal ...