11th Circ. Vacates Restitution In Wilshire Case

Law360, New York (July 1, 2008, 12:00 AM EDT) -- A federal appeals court has vacated about $150,000 in restitution ordered against broker Wilshire Investment Management Corp. for allegedly misleading investors but has upheld other relief in the case.

In an opinion filed Thursday, the U.S. Court of Appeals for the Eleventh Circuit upheld an injunction and civil penalties issued against Wilshire Investments and three brokers but found that the lower court had used the wrong basis for determining restitution.

The appeals court found that the lower court had the authority to issue restitution but that...
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