SEC Penalty Valid Even If Party Can't Pay: 11th Circ.

Law360, New York (July 16, 2008, 12:00 AM EDT) -- A federal appeals court has affirmed that the defendants must pay over $8.4 million in a case filed by the U.S. Securities and Exchange Commission that accuses the president of Exo-Brain Inc. of selling unregistered securities and representing to investors that he was developing voice-recognition computer technology.

In a decision issued on May 5 and published this week, the U.S. Court of Appeals for the Eleventh Circuit upheld the decision of the U.S. District Court for the Northern District of Georgia to grant summary judgment to...
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