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Judge orders $88 mln disgorgement in California pyramid scheme
November 30, 2016 / 12:26 AM / in a year

Judge orders $88 mln disgorgement in California pyramid scheme

A federal judge has ordered purported investment bank World Capital Markets and several related companies to pay an $88 million disgorgement of profits allegedly earned in a worldwide pyramid scheme shut down by the U.S. Securities and Exchange Commission in 2014.

The order last Wednesday by U.S. District Judge John Walter in Los Angeles also calls for World Capital to pay a civil penalty, with the amount to be determined later. The defunct company consented to the judgment without admitting wrongdoing.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2fOwlc9

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