Ukrainian Firm, Associates Appeal $7.5 Million SEC Fine Increase

Feb. 25, 2021, 8:05 PM

A Ukrainian trading firm and two men associated with it will ask the Second Circuit to weigh in on an order increasing each of their SEC fines by $2.5 million, they told a federal judge in New York.

Avalon FA Ltd., owner Nathan Fayyer, and undisclosed control person Sergey Pustelnik saw their individual $5 million fines go up to $7.5 million each after the U.S. District Court for the Southern District of New York nixed disgorgement in their cases. An earlier opinion allowed for their fines to increase if that happened, Judge Denise L. Cote said Feb. 9.

Fayyer, Pustelnik, ...

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