Judge Denies SEC's Receiver Bid For BCI Aircraft, CEO

Law360, Chicago (May 23, 2012, 8:09 PM EDT) -- An Illinois federal judge rejected the U.S. Securities and Exchange Commission's bid Wednesday to appoint a receiver for BCI Aircraft Leasing Inc. and the assets of its CEO Brian Hollnagel, both recently found guilty in a parallel criminal case of running a $50 million fraudulent financing scheme.

U.S. District Judge Elaine E. Bucklo explained her ruling in an opinion entered shortly after a hearing Wednesday morning, writing that while the SEC's concern for protecting assets is commendable, the agency "has not shown that the government does...
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