The judgment in an action brought by the Securities and Exchange Commission permanently enjoins Rudden and his companies from violating antifraud provisions of the securities laws, orders disgorgement of $6.5 million, to be offset by the restitution imposed in the related criminal case, and provides that Rudden’s frozen assets can be used to help satisfy that criminal restitution order.
In the parallel criminal case, Rudden was sentenced in June 2019 to serve 121 months in federal prison followed by three years of supervised release, and ordered to pay restitution of nearly $20 million to the victims of his Ponzi scheme.
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