“The SEC has fabricated ‘disgorgement’ and ‘penalty’ amounts so they are equal to those it sought in the original dismissed District of New Jersey cases based on alleged conduct from 2007–2008,” Mr Gentile and his US attorneys argued. “The relief sought against Gentile is punitive, intended to punish him for alleged conduct from 17 years ago.
“But Congress has not authorised the SEC to seek, or the court to order, such punitive relief. As explained below, the court should deny the SEC’s requested punishment and limit the SEC’s relief to a tier one penalty against Gentile: $11,524.
Mr. Gentile is represented by Matthew Aaron Ford of Ford O’Brien Landy LLP.