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Thursday, February 21, 2013

The SEC Still Wants Cash From the Bents

News summary by MFWire's editors

Three months after the jury's verdict, the Bents are back in the news.

According to a report in the Wall Street Journal, the SEC is seeking $130 million in penalties from the Bents former company, despite a jury deciding for the Bents in the fraud case against them last November.

Additionally, the SEC is seeking to make Bruce Bent II pay $1.3 million because he was found to have been negligent when the Reserve Primary Fund broke the buck in 2008.

MFWire's full timeline of the Reserve Primary Fund's demise can be found here

"They want some real scalps," said Adam Pritchard, a corporate and securities law professor at the University of Michigan Law School, to WSJ reporter Kirsten Grind. "They wanted to make an example of these people, and they have failed to make an example of them."

As a counter, the Bent's are looking to the SEC for $72 million in legal fees.

For more details, including a bit of history on the case, check out the original article here.  

Edited by: Ben Geier

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