Federal securities matters · Preparation guide
SEC Disgorgement, Criminal Restitution and Forfeiture: Separate the Records
Different proceedings may attach different labels to money connected with the same events. Preserve those distinctions before preparing a summary of what has been paid or remains owed.
By Joseph De Gregorio · Federal Sentencing Strategist
Founder and President, Sentencing Advocacy Group
Published November 5, 2026
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Create an obligations register
For each amount, identify the issuing court or agency, document, date, person or entity responsible and stated purpose. Separate a proposed figure from an entered order. SEC disgorgement, civil penalties, criminal restitution and forfeiture are not interchangeable labels, and one payment should not be assumed to satisfy every obligation.
Match each payment to evidence
Keep payment confirmation, recipient, amount, date and allocation together. A bank withdrawal alone may not establish how a government or administrator credited the money. Where allocation is unclear, mark it for counsel rather than choosing the most favorable interpretation. Preserve amended orders and corrected statements alongside the version they replace.
Distinguish collection from distribution
Money held by an agency, receiver or administrator is not necessarily money already distributed to an investor. DOJ explains that remission and restitution are separate processes. Track what is known at each stage and avoid reporting a potential recovery as a completed payment. Counsel assesses credits, offsets and the legal effect of recoveries.
Use the register in later preparation
A consistent obligations record can support financial disclosure and practical planning. It should show current balances only when a reliable source supplies them and identify unresolved reconciliation questions. SAG can organize the documents and factual questions. It does not provide an accounting opinion, determine legal liability or promise that a particular payment will reduce a sentence.
Sources and the next preparation question
DOJ: Compensating Victims with Forfeited Assets. Source checked November 5, 2026. Counsel evaluates the governing law and individual facts.
Are disgorgement and restitution the same?
No. They arise under different legal authorities and must be evaluated from the actual proceeding and orders. Keep separate records until counsel confirms their relationship.
A defined preparation assignment
Work directly with Joseph to establish the scope, source records, authorized recipients and review dates. Agreed deliverables can include a personal-history chronology, an indexed supporting file, factual questions and a practical preparation schedule. Investigation-stage legal decisions require qualified federal defense counsel. An engagement with SAG does not automatically establish privilege.
SAG serves clients nationally from Freehold, New Jersey, with travel arranged for cases. Share your stage and next deadline in the initial inquiry. Do not upload investigative records, investor details or privileged advice.
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SAG is not a law firm and does not provide legal advice or representation. Courts and agencies determine outcomes. No charging decision, sentence or release date is guaranteed.