Securities and Exchange Commission v. Hallam
United States Court of Appeals for the Fifth Circuit
42 F.4th 316 (2022)
- Written by David Bloom, JD
Facts
The Securities and Exchange Commission (SEC) (plaintiff) brought an enforcement action against Parker Hallam (defendant), claiming that Hallam, through various energy companies, committed securities fraud in violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5. Hallam admitted to the wrongdoing and agreed to disgorge ill-gotten profits. The SEC motioned the district court for a disgorgement award of over $1.9 million, which the SEC approximated was the total amount of Hallam’s profits from the securities fraud. Hallam opposed the motion, arguing that the requested disgorgement award was not fair because it exceeded the actual net profits that Hallam had obtained from the securities fraud and included profits earned through Hallam’s work with the energy companies that were not involved in the claimed wrongdoing. The district court granted the SEC’s motion. Hallam appealed.
Rule of Law
Issue
Holding and Reasoning (Smith, J.)
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