Grimes cited claims by Bennett and the firm that they had given advice regarding the management of $1.5 billion in corporate assets for three clients when evidence showed they had never provided any form of management for at least $400 million of the assets.
Last year, Bennett argued in a separate civil action in a Maryland District Court that the SEC’s administrative process was unfair because of the appointment process, but the case was dismissed because the court argued that it had no jurisdiction over an SEC administrative proceeding.
Bennett has filed an appeal to the District Court’s decision, which is still pending.