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S.E.C. v. WORLD CAPITAL MARKET, INC.

No. 15-55325.

864 F.3d 996 (2017)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. WORLD CAPITAL MARKET, INC.; WCM777 INC.; WCM777 LTD., DBA WCM777 Enterprises, Inc.; Ming Xu, AKA Phil Ming Xu, Defendants, and Vincent J. Messina, Relief Defendant; International Market Ventures, Relief Defendant, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Filed March 21, 2017.

Attorney(s) appearing for the Case

Maranda E. Fritz (argued) and Tammy P. Bieber , Thompson Hine LLP, New York, New York, for Defendants-Appellants.

Daniel Staroselsky (argued), Senior Counsel; Randall W. Quinn , Assistant Attorney General; Jacob H. Stillman , Solicitor; Michael A. Conley , Deputy General Counsel; Anne K. Small , General Counsel; Securities and Exchange Commission, Washington, D.C.; for Plaintiff-Appellee.

Before: Richard C. Tallman and Michelle T. Friedland, Circuit Judges, and David A. Faber, District Judge.

OPINION

We address an issue of first impression involving the Securities and Exchange Commission's ability to disgorge ill-gotten funds from so-called "relief defendants." Victor Messina and International Market Ventures ("IMV"), contest their liability as relief defendants in the SEC's enforcement action against...

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