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Civil liberties groups are suing the SEC, saying policy of ‘no admit, no deny’ is unconstitutional

On Friday, the U.S. Court of Appeals for the Second Circuit heard arguments in the case Romeril v. SEC, in which the former chief financial officer of Xerox Holdings Corp. XRX, Barry Romeril is challenging the constitutionality of the gag order the SEC imposed on him in a 2003, when he settled claims that he directed his employees to make misleading accounting adjustments that inflated Xerox earnings between 1997 and 2000, without admitting nor denying the allegations. He was forced to pay more than $4 million in penalties and disgorgements.
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