United States Ninth Circuit

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SEC v. World Capital Market, Inc., 15-55325

In an issue of first impression involving the Securities and Exchange Commission's ability to disgorge ill-gotten funds from so-called 'relief defendants', the district court's final judgment, arising in connection with the SEC's enforcement action for federal securities law violations arising out of a fraudulent investment scheme, is affirmed where: 1) the district court properly asserted jurisdiction over appellants as relief defendants to determine the legal and factual legitimacy of appellants' claim to the $5 million; and 2) the district court did not clearly err in finding that the $5 million transfer as a loan was a sham.

Appellate Information

  • Argued
  • Submitted
  • Decided
  • Published 2017/03/21

Judges

  • TALLMAN

Court

  • United States Ninth Circuit

Counsel


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