Sales Agents Take SEC Life Settlements Row to Ninth Circuit (1)

March 8, 2024, 8:06 PM UTCUpdated: March 8, 2024, 8:36 PM UTC

Three former sales agents at a Los Angeles firm are taking a legal fight with the Securities and Exchange Commission to a federal appeals court, challenging an order requiring them to hand over thousands in allegedly ill-gotten gains.

The sales agents, who worked at Pacific West Capital Group, filed their opening brief with the US Court of Appeals for the Ninth Circuit on Thursday. They’re appealing a lower court ruling that found they illegally sold unregistered securities and must disgorge more than $676,300 combined.

The appeal raises two issues that have split circuit courts. The first is whether life settlements ...

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