( November 5, 2025, 2:07 PM EST) -- NEW YORK — A Second Circuit U.S. Court of Appeals panel affirmed a lower court’s grant of summary judgment and order of civil penalties and disgorgement in an enforcement action brought by the Securities and Exchange Commission against a company and its CEO for allegedly engaging in the sale of unregistered stocks and a “pump-and-dump” scheme involving those stocks, finding the CEO was a necessary party to the sales and was aware that statements he made regarding the stocks were false....