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So...the SEC didn't try to make you whole...it recovered about a third of the money you lost to the Ponzi scheme through a disgorgement order. The SEC can orde
by gamblor956 3y ago
So...the SEC didn't try to make you whole...it recovered about a third of the money you lost to the Ponzi scheme through a disgorgement order.
The SEC can order disgorgement of profits from an investment scam (which are then returned to victims to the extent such profits are recoverable), but making victims whole for their losses is a very different thing.
- jnwatson 3y agoNo, the SEC put the org in receivership and then appointed a receiver to find where the money went.
- fsckboy 3y agoi'm not expert, but that's the court appointing the receiver, and a receiver takes over a company but looks out for creditor's interests.
- gamblor956 3y agoThe point of the receivership was to recover the money for creditors, not investors. Investors are quite literally the last people who get a recovery from a receivership. I'm not going to keep arguing with a non-lawyer about something I've been involved with as a lawyer, so this will be my last comment on the matter.
- jnwatson 3y agoWhile you are correct in the general sense, court-ordered receiverships due to SEC enforcement action are very much about recovering investor money in a fraud situation. https://www.sec.gov/oiea/investor-alerts-bulletins/ib_receivers https://www.sec.gov/oiea/investor-alerts-bulletins/ib_receiv...