PORTLAND, Maine (AP) — Federal securities officials want a former Portland, Maine, developer to pay a nearly $6 million fine he accepted in a 2010 settlement.
The Portland Press Herald reports (http://bit.ly/2gI3Dso ) the Securities and Exchange Commission filed a motion in September in Philadelphia saying Michael Liberty, of Windermere, Florida, hid money and lied about being unable to pay the remaining $5.4 million.
The SEC alleged Liberty improperly diverted more than $9 million of a $100 million venture capital fund to himself or associates.
Liberty agreed to settle the allegations. A judge cut the fine to $600,000 after Liberty told the SEC his net worth was negative $29 million.
Most Read Stories
- Please go fishing, Washington state says after farmed Atlantic salmon escape broken net
- What caused Seattle-based crab boat to sink with 6 aboard? Coast Guard hoping to find out
- Seattle-based crab boat found on Bering Sea bottom; lost since February with crew of 6
- Thanks to Amazon, Seattle is now America’s biggest company town
- Lost Seattle-based crab-boat crew memorialized VIEW
His lawyer counter-filed and says Liberty was telling the truth about his financial condition.
Liberty pleaded guilty Monday in Maine in an illegal campaign contributions case.
Information from: Portland Press Herald, http://www.pressherald.com