On 27 June, the Wall Street Journal reported that John McPherson missed out on a $1.4 million payout because target company, Life Partners Holdings Inc, had declared bankruptcy, and the SEC never collected financial penalties it was owed. Investors, however, were able to recoup more than $1 billion through the bankruptcy process. The SEC won’t pay awards for financial recoveries in bankruptcy proceedings, even if the affected company entered bankruptcy as a result of the agency’s enforcement actions.
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