Ill. Stock Fraudster Pays $4.8M To Settle SEC Case

Law360, New York (March 16, 2011, 8:43 PM EDT) -- An Illinois federal judge on Wednesday ordered convicted stock fraudster Joseph A. Dawson to return nearly $5 million in illicit gains, closing the U.S. Securities and Exchange Commission case against the head of Dawson Trading LLC.

Judge James F. Holderman of the U.S. District Court for the Northern District of Illinois ordered a $4.8 million disgorgement, part of a deal Dawson negotiated with the SEC last week.

The SEC accused Dawson of embezzling $2.1 million in investor money for his own expenses.

Dawson also allegedly made...
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