Ex-Credit Bancorp Exec Must Pay $35M In Civil Case

Law360, New York (February 11, 2011, 3:46 PM EST) -- A federal judge has ordered former Credit Bancorp Ltd. executive Thomas Rittweger, currently jailed over an alleged Ponzi scheme, to pay $35 million in disgorgement to end a parallel civil suit from the U.S. Securities and Exchange Commission.

Judge Robert Sweet of the U.S. District Court for the Southern District of New York on Thursday reversed an earlier ruling that had prevented the SEC from pursuing further monetary damages on top of the $18 million restitution from the criminal case.

The judge said the remedies sought...
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