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2nd Circ. Upholds Ex-Spongetech CEO's $58M SEC Fine

Law360, New York (August 29, 2017, 4:49 PM EDT) -- The Second Circuit on Tuesday upheld a decision ordering the former CEO of Spongetech Delivery Systems Inc. to pay more than $58 million in disgorgement and penalties to the U.S. Securities and Exchange Commission over his role in a pump-and-dump scheme, finding the fine wasn't excessive.

A three-judge panel issued a summary order upholding a final judgment that ordered Michael Metter to pay $52 million plus interest in disgorgement and a $6.1 million civil penalty in an SEC suit over an alleged pump-and-dump scheme in the...
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Case Information

Case Title

U.S. Securities and Exchange C v. Spongetech Delivery Systems, I

Case Number



Appellate - 2nd Circuit

Nature of Suit

1850 STATUTES-Secur Comm Exchange

Date Filed

February 23, 2016

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