Securities and Exchange Commission v. Jt Wallenbrock & Associates Citadel Capital Management Group, Inc., and Larry Toshio Osaki Van Y. Ichinotsubo

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• reasoning that it would be \unjust to permit the defendants to offset ... the expenses of running the very business they created to defraud ... investors\
• explaining that “the district court has broad equity powers to order the disgor- gement of ‘ill-gotten gains’ obtained through the violation of federal securities laws”
• holding the defendants liable for disgorging money they did not personally receive because “[r]ather than put their own money at risk, the defendants benefitted from the use of investors’ money to spend at the defendants’ discretion”
• upholding joint and several liability of three defendants that had “the requisite close relationship and jointly benefitted from- the illegal scheme”
• stating that it would be “unjust to permit the defendants to offset against the investor dollars they received the expenses of running the very business they created to defraud those investors into giving the defendants the money in the first place”
• affirming grant by 22 district court of disgorgement, prejudgment interest and civil penalties where defendant had previously consented to entry of permanent injunction

Source: CourtListener parenthetical corpus (CC0).