Securities & Exchange Commission v. Hughes Capital Corp.

OPINION OF THE COURT

ROSENN, Circuit Judge.

The three appellants in the present matter were defendants in an action brought by the Securities and Exchange Commission (SEC) in the United States District Court for the District of New Jersey. The district court granted summary judgment in favor of the SEC against all the defendants on the issues of both liability and damages. 1 Susan La-chance and Howard Ackerman, two of the defendants, appeal from both the judgment of liability and the disgorgement order; Lionel Reifler appeals only from the order of disgorgement. Although the appellants raise a…