SEC Secures Settlements In $28M Ponzi Case

Law360, New York (June 23, 2010, 5:32 PM EDT) -- The U.S. Securities and Exchange Commission has charged a Florida investment advisory firm and two of its managing members with running a $28 million Ponzi scheme, simultaneously reaching settlements with most of the defendants.

One of the managing members, Philip W. Milton, 62, agreed to disgorge about $2.35 million in proceeds he illicitly received from his company, Trade-LLC, and he agreed to pay a $130,000 civil penalty, according to a final judgment order signed Wednesday by Judge Kenneth A. Marra of the U.S. District Court for...
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