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SEC Loses Disgorgement Bid In $153M Real Estate Fraud Suit

Law360, New York (April 6, 2015, 5:18 PM EDT) -- A San Diego federal judge on Friday denied the U.S. Securities and Exchange Commission’s bid for partial summary judgment in a suit over an alleged $153 million dollar real estate investment scheme, ruling that the agency has not met its burden of proof for a disgorgement order in the case.

The ruling was in a 2012 lawsuit the SEC filed against Louis V. Schooler and his Western Financial Planning Corp., which the agency accused of duping thousands of investors in a general partnership to buy up undeveloped land in Nevada. Among other things, Schooler allegedly charged exorbitant, undisclosed markups on actual...

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California Southern

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Securities/Commodities

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Date Filed

September 4, 2012

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