A Miami federal judge ruled the Securities and Exchange Commission can seek recovery of nearly $186 million from the heirs of a deceased fraudster.
U.S. District Judge Cecilia Altonaga ruled Thursday the SEC’s claims for disgorgement of ill-gotten gains can go forward against David Brooks’ estate, dismissing defense counsel’s argument that a June U.S. Supreme Court decision meant the claims should perish with him. The Supreme Court’s ruling only applies to disgorgement for the purposes of determining the statute of limitations, not in other contexts, Altonaga ruled.
