Energy Co. Can't Trim SEC Penalties: 11th Circ.

Law360, New York (October 14, 2011, 6:57 PM EDT) -- The Eleventh Circuit on Friday affirmed a lower court's ruling that a consent decree with the U.S. Securities and Exchange Commission precluded an alternative energy company from challenging the agency's allegations and penalties regarding a purportedly fraudulent stock offering.

In an unpublished opinion, a three-judge panel held that the consent decree did not entitle Aerokinetic Energy Corp. to an evidentiary hearing.

“The decision as to whether to hold an evidentiary hearing was committed to the district court's sound discretion. We find no abuse of that discretion...
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