SEC Beats Back Investor Challenge To $159M Disbursement

Law360, New York (October 30, 2013, 5:54 PM EDT) -- The Second Circuit ruled Wednesday that the U.S. Securities and Exchange Commission can distribute $159 million to the U.S. Treasury from the settlement of an enforcement action against seven specialist firms, finding an investor did not have standing to challenge the disbursement.

A three-judge panel said Robert Martin and his company Empire Programs Inc. lacked standing because Empire had already received a distribution from the settlement fund that “fully compensated” it for every transaction covered by the $250 million settlement in which it was identified as...
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Case Information

Case Title

Martin v. United States Securities and E

Case Number



Appellate - 2nd Circuit

Nature of Suit

Date Filed

July 25, 2011

Government Agencies

UK Financial Services

UK Financial Services

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