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SEC Must Defend $4.6 Million Disgorgement After SCOTUS Ruling

Nov. 24, 2020, 9:36 PM

The SEC must address how a June U.S. Supreme Court decision affects an April judgment awarding the agency more than $4.6 million in disgorgement and interest in another case, a federal judge in New York said.

Avalon FA Ltd., owner Nathan Fayyer, and undisclosed control person Sergey Pustelnik appealed the disgorgement judgment ten days before the high court placed new limits on the Securities and Exchange Commission tool. Now the agency must address the decision’s impact here, the U.S. District Court for the Southern District of New York said.

A unanimous jury decided against Fayer, Pustelnik, and Avalon—also known ...