SEC problems and lawsuit URGENT

[fuscucla1]

I had my account ($230,000)frozen, and the SEC had offered a monthly stipend (2400/month for 5 months)while the case was pending. I was unable to get the stipend because the account was joint and the other individual would not sign off on the agreement. I agreed to turn over the money in the account (profits and interest). Months later I was able to withdraw 21,000 (7,000 initial investment and 14,000 additional). Now the SEC has filed contempt of court against me and a date is set on the 23rd. The SEC has contacted me and told me to payback the money. Should I go to court and fight? Repay and walk away? Is there a possibility of jail time or is this just a civil matter? I have no lawyer, can't afford one anymore. I am in California (LA).

 

[Taxguy]

>>? Is there a possibility of jail time or is this just a civil matter? <<

How would anyone here know what the SEC has charged you with ?

>>? I have no lawyer, can't afford one anymore. <<

If you haven't done anything wrong, you have at least 1/2 of a $230,000 brokerage account, minus the withdrawals.

 

[fuscucla1]

The SEC charges were stock fraud and manipulation, but although it looked as though I was involved, I was really a victim, and there were no criminal charges brought against me. My name however was on an account in which profits were made and thats why I was involved in the civil proceedings. It didnt get to court and I agreed to turnover the funds in the account, then months later I withdrew the two sums mentioned in my first post. I have looked over the papers I signed and it looks as though I signed to relinquish the profits and interest both pre and post judgement. What I withdrew was my initial investment and the interest, but the stipend that I was offered by the SEC is roughly equivalent to the interest that I withdrew, I never recieved the stipend b/c the other party wouldnt sign to release them. Both withdrawals were made after telephone conversations with the brokerage OKing the wthdrawal, I even had to send an email requesting the withdrawal before the checks were sent out. Now I am being held in contempt of court for violating the agreement from the civil portion of the case.