In 2009, the Commission started investigating the FIC Group, directed by Earle Pasquill and Michael Lathigee.
Allegations included raising $21.7 million from 698 investors and $9.9 million from 331 investors under false pretenses.
The Liability Decision in 2014 found Pasquill and Lathigee committed fraud, leading to the Sanctions Decision in 2015, ordering them to pay $21.7 million and an administrative penalty of $15 million??.
Issue:
The main legal issue revolved around the enforcement of the $21.7 million Sanctions Decision, the liability of the defendants, and the Commission's efforts to collect the fines imposed.
Court's Ruling:
The court upheld the Sanctions Decision, emphasizing the fraudulent activities conducted by Pasquill and Lathigee.
It was determined that the proceeds from the fraud were used to acquire various assets indirectly benefiting Vicki Pasquill and Vicker Holdings Ltd., suggesting involvement or benefit from the fraudulent activities??.
Damages/Judgment:
Earle Pasquill and Michael Lathigee were ordered to jointly and severally pay $21.7 million to the Commission as disgorgement for the amount obtained through their contraventions of the Act.
Additionally, they were ordered to pay an administrative penalty of $15 million.
