SEC $1.8 Million Judgment on Investment Adviser Upheld on Appeal

The SEC convinced the Seventh Circuit to uphold a $1.8 million judgment levied on an investment adviser accused of fraud, citing that a restitution award is appropriate given his “net unjustified proceeds.”

But the US Court of Appeals for the Seventh Circuit vacated a district court injunction requiring the adviser, Randall Goulding, “to obey the law,” saying it lacked in specifics.

Goulding, owner of advisory firm The Nutmeg Group LLC, was found by a district court in 2019 to have comingled investor funds with personal assets and overvalued fund assets, among other things. The Securities and Exchange Commission brought a ...