Founding Partners CEO Fights $32M Fraud Penalty

Law360, New York (August 26, 2011, 1:29 PM EDT) -- The head of Founding Partners Capital Management Co. on Thursday urged a Florida federal judge to strike an allegedly illegitimate order requiring the investment adviser to fork over $32 million after settling claims that he perpetrated a $550 million fraud.

William Gunlicks protested that the June disgorgement order and related judgment trampled his due process rights because he never had a chance to conduct discovery before the court rubber-stamped the U.S. Securities and Exchange Commission’s request for the $32 million in disgorgement and penalties.

“The consent...
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Case Information

Case Title

Securities and Exchange Commission v. Founding Partners Capital Management, Co. et al


Case Number

2:09-cv-00229

Court

Florida Middle

Nature of Suit

Securities/Commodities

Judge

John E. Steele

Date Filed

April 20, 2009

Government Agencies

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