Case Study: SEC V. Brown

Law360, New York (October 21, 2011, 12:45 PM EDT) -- Disgorgement and the impact of the Fifth Amendment are issues that reoccur in U.S. Securities and Exchange Commission enforcement actions. Circuit Judge James Loken, in an opinion concurring in part and dissenting in part, from an order affirming a grant of summary judgment in a commission enforcement action provides a thoughtful discussion of specific of aspects of each issue. SEC v. Brown, Case no. 10-2479 (8th Cir. Oct. 13, 2011).

The case centers on an investment fund fraud. Defendant Sherwin Brown is the president and controlling...
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