In 2020, SCOTUS decided to limit the SEC's ability to impose disgorgement of profits sanctions, see Liu v SEC. https://www.supremecourt.gov/opinions/19pdf/18-15

In 2020, SCOTUS decided to limit the SEC's ability to impose disgorgement of profits sanctions, see Liu v SEC. https://www.supremecourt.gov/opinions/19pdf/18-1501_8n5a.pdf https://www.supremecourt.gov/opinions/19pdf/18-1501_8n5a.pdf. The rationale behind the decision was that disgorgement imposed joint and several liability rather than individual liabiity, and that disgorgement didn't take into account business expenses incurred in acquiring the illegally acquired income... So now, the SEC has to determine disgorgement sanctions on a per-defendant basis, rather than assessing it as a single joint amount and making the wrong-doers go after each other for reimbursements. Note though that the $700k are just the fines, not the disgorgement sanction, which will presumably be issued soon. (The $700k penalties are not treated as deductible expenses, so they're effectively on top of whatever disgorgement is ordered.)