A Texas real estate developer and an investment solicitor should be assessed about $12.4 million for their roles in a $44 million Ponzi scheme used to fund an exotic game hunting ranch and pay their personal expenses, a federal judge in the state recommended.
The Securities and Exchange Commission justified the disgorgement, interest, and civil penalty amounts it sought, Magistrate Judge Kimberly C. Priest Johnson said Monday in a report to the US District Court for the Eastern District of Texas.
Developer Phillip Michael Carter, who would bear the bulk of the payment, and his associate Richard Gregory Tilford were …
