SEC Defends Energy Executives’ Disgorgement After SCOTUS Ruling

Energy executives should still have to pay nearly $3 million total in disgorgement even after a recent U.S. Supreme Court decision clarified when such an order is appropriate, the SEC told a federal judge in Louisiana.

The high court opinion doesn’t “alter the analysis” as to the disgorgement amounts because they represent the “net profits” from the alleged violations and don’t call for joint and several liability, the Securities and Exchange Commission said in the U.S. District Court for the Eastern District of Louisiana.

Treaty Energy Corp. founder Ronald L. Blackburn, CEO and board chair Andrew V. Reid, co-CEO and ...