SEC Settles River Stream Ponzi Suit For $8.7M

Law360, New York (September 29, 2009, 12:38 PM EDT) -- Having already pled guilty to criminal charges of running a multimillion-dollar Ponzi scheme, fallen portfolio manager Michael C. Regan has agreed to pay approximately $8.7 million to settle federal regulators’ allegations of securities fraud.

On Thursday, Regan and his investment company Regan & Co. asked Judge I. Leo Glasser of the U.S. District Court for the Eastern District of New York to approve the consent judgment, putting to rest the U.S. Securities and Exchange Commission’s lawsuit.

Without admitting or denying the agency’s allegations, Regan agreed to...
To view the full article, register now.