A federal appeals court overturned an order requiring a Dallas securities lawyer to give up more than $333,000 in connection with an allegedly fraudulent securities sale.
That number far exceeds the amount William Stack was unjustly enriched in the alleged scheme, the US Court of Appeals for the Fifth Circuit said Monday. It ordered the lower court to recalculate its disgorgement order, limiting it to the amount Stack received and benefited from.
“Holding Stack liable for funds he did not keep or benefit from does not constitute ‘a reasonable approximation of a defendant’s unjust enrichment,’ as required,” the Fifth Circuit ...
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