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What can the SEC do about ill-gotten gains?
I invested heavily in a corrupt stock (misleading press releases and financial reports, unreported stock offerings). The SEC took 6 of these thieves to US District Court, and fined 4 of them a total of $100K in civil penalties...the fate of the remaining two remains to be determined. What happens now? Is there a criminal trial? The SEC "indictment" asked for the return of ill-gotten gains but the court only banned these guys for 5 years and gave them the $100k in civil fines.The company went bankrupt and was dissolved a year ago. Is there any chance that I will get some of my investment back?
2 Answers
- The Old GuyLv 61 decade agoFavorite Answer
Your chances of getting anything back on your investment is slim to none.
There may not be a criminal trial, usually if the SEC has substantial evidence and it appears they did since the did levy fines and censored them.
Since the company have been dissolved, and the lenders have been satisfied, the shareholders are really left holding an empty bag.
Stockholders are not entitled to any restoration in the event of a company going bankrupt.
Although, you and other shareholder could bring a class action suite against the principals of the firm and try to seek damages, but if they have nothing, you may not receive anything.
Source(s): Been there as a regulator - npkLv 71 decade ago
That would depend on the details of the bankruptcy settlement. But generally, stockholders are last in line when the assets are liquidated.
