|George Levin (L) and Scott Rothstein (R)|
The Securities & Exchange Commission, in a bitterly contested case*, has obtained a final judgment, in US District Court in Florida, against the controversial Fort Lauderdale businessman, George Levin, in the amount of $48,592,570.97, representing disgorgement of profits, prejudgment interest, and a civil penalty. Levin is also permanently enjoined from any future involvement in securities transactions. A jury trial found against him on liability, and this judgment settles the issue of damages.
Levin sold what were held to be unregistered securities, through three entities that most observers would regard to be hedge funds. He sold promissory notes, secured by Rothstein's phantom court settlements. Considering that he could, in theory, been on the wrong side of a $181m judgment, his attorneys probably consider it a victory. Levin has neither sought a rehearing, nor appealed the judgment.
However, he has also failed to pay it within 14 days of entry, as directed by the Court, so you can expect the SEC to institute a collection action. There is no evidence of payment in the court file. His attorneys allege that his net worth is under a half million dollars, so expect to see news of this case again on this blog.
*Securities & Exchange Commission vs. George G. Levin et al, Case No.: 12-cv-21917-UU (SD FL).