SEC Wins Nearly $70M In Judgments Against Financial Firms

Law360, New York (August 01, 2014, 9:07 PM ET) -- A Tennessee federal judge ordered a brokerage and a financial holding company on Friday to disgorge $9.4 million and pay $55.9 million in penalties after a jury agreed with the U.S. Securities and Exchange Commission that they ran a Ponzi-style scheme targeting unsophisticated investors.

U.S. District Judge Thomas Varlan delivered the judgments against Community Bankers Securities LLC, AIC Inc. and former AIC CEO Nicholas Skaltsounis on Friday.

The severe penalties were merited by "the egregiousness of the violations, their recurrent nature, as well as the level of...
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Case Information

Case Title

Securities and Exchange Commission v. AIC, Inc. et al


Case Number

3:11-cv-00176

Court

Tennessee Eastern

Nature of Suit

Securities/Commodities

Judge

Thomas A Varlan

Date Filed

April 15, 2011

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