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Sports Betting Ponzi Defendants Must Pay SEC More Than $925,000

Aug. 25, 2021, 8:30 PM

Two unregistered brokers must pay the SEC more than $925,000 combined for their roles in a $29.5 million sports betting Ponzi scheme after the agency mostly won its summary judgment bid, a federal judge in Nevada said.

Neither Douglas Martin nor Damian Ostertag “produced evidence demonstrating a genuine dispute of any material fact,” and the Securities and Exchange Commission demonstrated “disgorgement and permanent injunctions are warranted,” the U.S. District Court for the District of Nevada said.

The agency asked for $90,000 total in civil fines, “but a lower penalty of $5,000 for each defendant is more appropriate,” Judge Andrew ...

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