Stockbroker Can't Escape $1.6M Judgment: 8th Circ.

Law360, New York (October 13, 2011, 3:32 PM EDT) -- The Eighth Circuit on Thursday affirmed a summary judgment ruling and nearly $1.6 million judgment against a Minnesota investment adviser who federal securities regulators say diverted more than $800,000 of investor funds for personal use.

A three-judge panel unanimously upheld a September 2008 summary judgment ruling against Sherwin P. Brown, the president and 51 percent owner of Minneapolis-based Jamerica Financial Inc.

But the panel split on whether a nearly $870,000 disgorgement penalty and over $226,000 in prejudgment interest should stand. Circuit Judge James B. Loken questioned...
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