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9th Circ. Tosses $1.75M Penalty In SEC's Shell Co. Suit

By Katryna Perera ( June 13, 2023, 9:37 PM EDT) -- A split Ninth Circuit panel on Tuesday reversed a district court's imposition of a $1.75 million civil penalty against a businessman accused by the U.S. Securities and Exchange Commission of creating shell companies involving phony CEOs and "straw shareholders" that were later publicly sold, concluding the district court erred in determining the gross amount of his pecuniary gain....

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