SEC Returns With New Deal Over $300M Ponzi Scheme

Law360, New York (May 30, 2012, 6:11 PM EDT) -- After a federal judge in Washington state rejected its initial settlement proposal, the U.S. Securities and Exchange Commission was back at the table Wednesday with a revised motion seeking a $4.2 million disgorgement from one of the alleged masterminds of a $300 million Ponzi scheme.

The revised motion for final judgment against Larry Lee Adair, a former official with Merendon Mining (Nevada) Inc., was filed in Washington state federal court Wednesday, nearly three months after Judge Richard Jones rejected the SEC’s first motion for judgment over...
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