NEW YORK– A U.S. judge in Manhattan on Tuesday ordered the founder and former CEO of manufacturing firm Cemtrex to pay $9.7 million of ill-gotten gains and interest in a case brought by the U.S. Securities and Exchange Commission over securities fraud.
A spokesperson for the SEC declined to comment, and a lawyer for former CEO Aron Govil did not immediately respond to a request for comment.Why It’s ImportantThe case has been closely watched in connection with the SEC’s ability to seek disgorgement, or the clawing back of illicit gains.
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