- 11 U.S.C.
In re Zandford
Jul
18
2006
Ruling
Claim based on civil judgment for securities law violations was nondischargeable whether or not allowed.
Procedural posture
The debtor filed a petition to disallow a proof of claim filed by the Securities and Exchange Commission ("SEC"). The proof of claim was based on a civil judgment (requiring disgorgement) following a criminal conviction of the debtor for securities law violations. The debtor argued that under the Debt Collection Improvement Act of 1996, 31 U.S.C. § 3701 et seq., the SEC had no standing to assert the claim.
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Court
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