Coin Investment Exec’s Unpaid Settlement Prompts Contempt Order

A senior account executive at Red Rock Secured LLC who settled SEC and CFTC charges of defrauding investors must pay the SEC $1 million within 15 days, a federal judge said in a contempt order.

Anthony Spencer’s claimed inability to pay “was due to his own decision to transfer millions of dollars in assets to an irrevocable trust” that he “seemingly had unfettered access to,” Judge R. Gary Klausner said in an order entered Monday in the US District Court for the Central District of California. In addition to the initial payment, Spencer must enter into a payment plan acceptable ...