( July 31, 2026, 8:16 AM EDT) -- PASADENA, Calif. — A Ninth Circuit U.S. Court of Appeals panel affirmed a lower court’s summary judgment order in favor of the Securities and Exchange Commission and the remedies imposed against a municipal securities adviser and one of its founders for breaching their fiduciary duties in providing municipal advisory services, finding that the lower court was within its discretion in ordering a permanent injunction, as well as disgorgement and civil penalties....