SEC v. Razmilovic

This case stemmed from a civil enforcement action brought by the SEC against Symbol Technologies. Defendant, Symbol's president and COO, subsequently appealed the district court's order directing him to disgorge to the SEC over $41 million, plus prejudgment interest, and to pay a civil penalty, for violations of various securities laws. For a number of years, defendant and others engaged in a wide array of fraudulent accounting practices and other misconduct. The court found no error or abuse of discretion in the entry of the default judgment, the denial of defendant's recusal motion, and the disgorgement award. The court, however, remanded for recalculation of prejudgment interest and for the clerical correction of a discrepancy between the amount of the civil penalty ordered in the district court's ruling and the amount of the penalty awarded in the judgment. View "SEC v. Razmilovic" on Justia Law