Ukrainian Firm Owes Higher SEC Fine After Disgorgement Nixed

A Kyiv-based trading firm and two men associated with it owe the SEC an additional $2.5 million each after a past disgorgement order became unenforceable, a federal judge in New York said.

Avalon FA Ltd., owner Nathan Fayyer, and undisclosed control person Sergey Pustelnik were originally fined $5 million apiece, but they’re on the hook for $7.5 million each now that they won’t have to pay nearly $4.5 million combined in disgorgement, the U.S. District Court for the Southern District of New York said.

The trio appealed their initial loss just days before the U.S. Supreme Court imposed new ...