Life Partners, Execs To Pay $47M For False SEC Filings
By Michael Lipkin (December 2, 2014, 10:09 PM EST) -- A Texas federal judge on Tuesday ordered Life Partners Holdings Inc. and two of its executives to pay $47 million for filing false U.S. Securities and Exchange Commission reports, following a mixed jury verdict that cleared them of insider trading.
U.S. District Judge James R. Nowlin entered permanent injunctions against LPHI, CEO Brian Pardo and general counsel R. Scott Peden barring future securities violations, and ordered LHPI to pay $38.7 million in disgorgement and civil penalties. Pardo will pay $6.3 million in penalties, while Peden will pay $2 million, according to the order.
While the SEC had pressed for a judgment...
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