A Biden-era enforcement action against a penny stock trader in Minnesota is heading back to district court after the SEC tossed similar cases accusing companies of operating as unregistered securities dealers.
The US Court of Appeals for the Eighth Circuit on Friday vacated the lower court’s order that had required Carebourn Capital LP and managing member Chip Rice to pay around $12 million.
Private funds had argued the case brought by the Securities and Exchange Commission would require nearly every financial professional in the US to register as a securities dealer. The ruling follows a series of moves by the …