Cemtrex Inc. founder Aron Govil must pay an additional $9.71 million in an SEC enforcement action alleging he defrauded investors and misappropriated company funds.
Judge J. Paul Oetken on Tuesday ordered Govil to pay $6.7 million in disgorgement and $3 million in prejudgment interest after a federal appeals panel remanded the Securities and Exchange Commission’s case to the US District Court for the Southern District of New York.
The SEC’s power to recoup ill-gotten gains from defendants is currently under review by the US Supreme Court, which opted to address whether a showing of investor harm is required to win ...
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