The thing I don't understand is : how and who figures out what the penalty is and the monetary value of retribution, if any.
Does the SEC have to show evidence at that point?
I don't know how that works. As several here have pointed out, Roofie won't have a chance to speak or otherwise present "his side". In the case of a suit brought years ago by Captain Fluffy of USXP, the decision on fines and penalties was somehow made by a jury. I don't know how that happened, since the defendants defaulted and there was no trial. I don't know what the jury was given as information on which to base the amount of their award, but knowing Fluffy it was probably mostly lies. In the end they gave him a ridiculous amount, which of course he wasn't able to recover.
But that might just be a Florida thing. And I don't remember whether that case was heard in Federal or State court. This one, of course, is Federal.
If the company and RPH declare bankruptcy, is there no recourse?
Unfortunately, the SEC lets miscreants off all the time if they say they don't have any money. Even when quite often there's reason to believe they've got plenty stashed offshore.
As for the company, I suspect it really doesn't have any assets.
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