SEC orders Pennsylvania Ponzi operator to disgorge $1.5 million

The Securities and Exchange Commission has obtained a final judgment against James E. Hocker, a Bellefonte, Pa., insurance agent charged with stealing nearly $1.5 million in a Ponzi scheme targeting retail investors. (More: SEC charges insurance agent with $1.27 million Ponzi scheme)​ The final judgment enjoins Mr. Hocker from violating the antifraud provisions of the securities laws and orders him to pay disgorgement of $1,495,782, which the SEC said will be deemed satisfied by the restitution in that amount ordered in a related criminal action. In April, Mr. Hocker was sentenced to 17 years imprisonment. According to the SEC's complaint, Mr. Hocker falsely promised investors guaranteed returns of between 10% and 30% on investments he would make on their behalf in the S&P 500 and other unspecified investment vehicles. Instead, he used the money for his own personal expenses. (More: Remember Bernie Madoff? Big time financial fraud is back)