Nov. 17, 2021, 9:38 PM

A Mississippi man and his firm must face an SEC suit over their alleged role in a timber Ponzi scheme despite settlement offers they made to the agency, a federal judge in the state said.

William McHenry Jr. and First South Investments LLC argued that their previous offers bar the Securities and Exchange Commission suit. The “sole question” is whether the agency agreed not to bring the case, and “a review of the available record suggests that the answer is ‘no,’” the U.S. District Court for the Southern District of Mississippi said.

McHenry and First South allegedly made …

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