Nope, Sorry, I'll draw no different conclusion...at all.
Mangan read the SEC complaint, so he knows that NWGC is not part of the SPECIFIC complaint. I seriously doubt he has anything to be concerned about.
That said, as 1manband and others have stated, you can be damned sure that the SEC will be looking into Miller's activities here. Mangan, being astute, knows that. As should any sane person.
Neither I or Mangan said anything about the judge in the custodianship hearing.