4th Circ. Rules SEC Disgorgement Not A Criminal Penalty

Law360 (July 15, 2020, 8:45 PM EDT) -- The Fourth Circuit has ruled that a business owner who made a $4.5 million disgorgement deal with the U.S. Securities and Exchange Commission to resolve civil fraud claims concerning cellular spectrum licenses cannot escape criminal charges that stemmed from the SEC's enforcement action.

A three-judge panel on Tuesday affirmed a lower court's refusal to toss the criminal indictment against Daryl G. Bank, the head of several companies. He has been accused of misleading investors by assuring them their investment would yield high returns when they sold Federal Communications Commission licenses to major wireless carriers despite knowing the licenses would be of...

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