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MNR Successfully Defends Client Against Proposed SEC Penalty of $180 Million

MNR represented George Levin in Securities Exchange Commission v. Levin, a SEC enforcement action in the U.S. District Court for the Southern District of Florida before U.S. District Court Judge Ursula Ungaro.  Mr. Levin was the owner and CEO of Banyon 1030-32, LLC, and its affiliates, companies that purchased purported legal settlements from Scott Rothstein, who it was later uncovered was running a $1 billion Ponzi scheme.  The SEC alleged that Mr. Levin committed securities fraud based on misrepresentations to Banyon’s investors, and was seeking a judgment of over $180 million against Mr. Levin.

MNR represented Mr. Levin in extensive legal briefing regarding the appropriate penalties against Mr. Levin.  On July 22, 2015, Judge Ungaro awarded the SEC a fraction of the judgment it sought, agreeing with MNR that the SEC had submitted an improper calculation of Mr. Levin’s profits from Banyon’s operations.

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