5th Circ. Upholds $15M SEC Win Over Convicted Fraudster

Law360, New York (June 24, 2011, 7:36 PM EDT) -- The Fifth Circuit on Friday upheld a $15 million disgorgement order against a Texas businessman — previously convicted of a $100 million life insurance scheme — for allegedly running a securities scam that targeted elderly investors.

The appeals court rejected arguments from Adley Abdulwahab, who had sought to overturn a Texas federal court ruling granting the U.S. Securities and Exchange Commission's summary judgment in its civil suit.

The district court order granting the SEC's motion had followed an interlocutory judgment that prohibited Abdulwahab, accused of running...
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