WexTrust Founder Settles With SEC Over $250M Fraud

Law360, New York (February 11, 2011, 5:05 PM EST) -- WexTrust Capital LLC co-founder Steven Byers, who pled guilty in April to bilking hundreds of Orthodox Jews out of $250 million, has agreed to surrender all remaining profits from the fraud to the U.S. Securities and Exchange Commission.

The total amount Byers must pay in disgorgement and civil penalties will be determined by the court, according to a consent judgment signed Thursday by Circuit Judge Denny Chin, sitting by designation on the U.S. District Court for the Southern District of New York.

Byers already agreed in...
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