We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

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


Case Number

16-526

Court

Appellate - 2nd Circuit

Nature of Suit

1850 STATUTES-Secur Comm Exchange

Date Filed

February 23, 2016

Law Firms

Government Agencies

Judge Analytics

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.