MAK 1, Officers Told To Pay $60M For Ponzi Scheme

Law360, New York (March 23, 2011, 5:20 PM EDT) -- A California federal judge approved a series of settlements Monday that will see a currency trading firm accused of engaging in a $70 million Ponzi scheme and two of its principal officers pay a disgorgement penalty of about $60.3 million.

Judge Roger T. Benitez of the U.S. District Court for the Southern District of California approved three separate U.S. Securities and Exchange Commission deals with MAK 1 Enterprises Group, owner Mohit Khanna and his wife, Sharanjit K. Khanna.

MAK 1 will pay about $35.2 million in...
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Case Information

Case Title

Securities and Exchange Commission v. Khanna et al


Case Number

3:09-cv-01784

Court

California Southern

Nature of Suit

Securities/Commodities

Judge

Roger T. Benitez

Date Filed

August 17, 2009

Government Agencies

UK Financial Services

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