Securities & Exchange Commission v. First Choice Management Services, Inc.

POSNER, Circuit Judge.

This appeal is a sequel to an appeal in the same case that we decided last year. 678 F.3d 538 (7th Cir.2012). The case had begun in 2000 as a suit by the SEC charging First Choice and others with fraud in violation of federal securities law. The district court had appointed a receiver to take charge of the defendants’ assets and distribute them among the victims of the $31 million fraud. The receiver went hunting for the assets and found that some of them had been used to acquire oil and gas leases in Texas. SonCo Holdings claimed an interest in the leases. The claim…