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To SEC's Chagrin, Ponzi Feeder Ordered to Pay $41M Penalty

Law360, Miami (July 22, 2015, 7:24 PM EDT) -- A Florida federal judge on Wednesday ordered convicted investment fund manager George Levin to pay more than $41 million in disgorgement and civil penalties for funneling investor money into Scott Rothstein's $1.2 billion Ponzi scheme, a fraction of the judgment the U.S. Securities and Exchange Commission had asked for.

U.S. District Judge Ursula Ungaro rejected the SEC's request for a $180 million judgment against Levin, instead finding that he should pay $40.9 million in disgorgement and $663,000 in civil penalties.

Judge Ungaro said the SEC's request was “contrary to the purpose underlying disgorgement,” which is a measure of the defendant's ill-gotten...

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Case Title

Subscribers Only

Case Number

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Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

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Date Filed

May 22, 2012

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