SEC v. Andrew Scott Corbman, No. 1:25-cv-01630 (Dec. 3, 2025) — Judgment

[OCR_UNRECOVERABLE method=recover reason=missing_pdf ts=2026-08-11T14:53:34.840Z]                                                           

IN THE UNITED STATES DISTRICT COURT

FOR THE EASTERN DISTRICT OF VIRGINIA

ALEXANDRIA DIVISION

SECURITIES AND EXCHANGE COMMISSION,

Plaintiff,
Case No. l:25-cv-01630-MSN-IDD

V.

ANDREW SCOTT CORBMAN,

Defendant.

FINAL JUDGMENT AS TO DEFENDANT ANDREW SCOTT CORBMAN

The Securities and Exchange Commission having filed a Complaint and Defendant

Andrew Scott Corbman (“Corbman” or “Defendant”) having entered a general appearance;

consented to the Court’s jurisdiction over Corbman and the subject matter of this action;

consented to entry of this Final Judgment; waived findings of fact and conclusions of law; and

waived any right to appeal from this Final Judgment:

I.

IT IS ORDERED, ADJUDGED, AND DECREED that Defendant is permanently

restrained and enjoined from violating, directly or indirectly. Section 10(b) of the Securities

Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule lOb-5 promulgated

thereunder [17 C.F.R. § 240.1 Ob-5], by using any means or instrumentality of interstate

commerce, or of the mails, or of any facility of any national securities exchange, in connection

with the purchase or sale of any security:

to employ any device, scheme, or artifice to defraud;(a)

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to make any untrue statement of a material fact or to omit to state a material fact(b)

necessary in order to make the statements made, in the light of the circumstances

under which they were made, not misleading; or

to engage in any act, practice, or course of business which operates or would(c)

operate as a fraud or deceit upon any person

by, directly or indirectly, (i) creating a false appearance or otheiwise deceiving any person, or (ii)

disseminating false or misleading documents, materials, or information or making, cither orally

or in writing, any false or misleading statement in any communication with any investor or

prospective investor, about:

(a) any investment strategy or investment in securities;

(b) the prospects for success of any product or company;

(c) the use of investor funds;

(d) compensation to any person;

(e) Defendant’s qualifications to advise investors; or

(f) the misappropriation of investor funds or investment proceeds.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who

receive actual notice of this Judgment by personal service or otherwise: (a) Defendant’s officers.

agents, servants, employees, and attorneys; and (b) other persons in active concert or

participation with Defendant or with anyone described in (a).

II.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is

pennanently restrained and enjoined from violating Section 17(a) of the Securities Act of 1933

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(the “Securities Act”) [ 15 U.S.C. § 77q{a)] in the offer or sale of any security by the use of any

means or instruments of transportation or communication in interstate commerce or by use of the

mails, directly or indirectly:

to employ any device, scheme, or artifice to defraud;(a)

to obtain money or property by means of any untrue statement of a material(b)

fact or any omission of a material fact necessary in order to make the statements

made, in light of the circumstances under which they were made, not

misleading; or

to engage in any transaction, practice, or course of business which operates or(c)

would operate as a fraud or deceit upon the purchaser

by, directly or indirectly, (i) creating a false appearance or othciwise deceiving any person, or (ii)

disseminating false or misleading documents, materials, or information or making, cither orally

or in writing, any false or misleading statement in any communication with any investor or

prospective investor, about:

(a) any investment strategy or investment in securities.

(b) the prospects for success of any product or company,

(c) the use of investor funds,

(d) compensation to any person,

(e) Defendant’s qualifications to advise investors; or

(f) the misappropriation of investor funds or investment proceeds.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who

receive actual notice of this Judgment by personal service or otherwise: (a) Defendant’s officers.

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agents, servants, employees, and attorneys; and (b) other persons in active concert or

participation with Defendant or with anyone described in (a).

III.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, pursuant to

Sections 21(d)(1) and 21(d)(5) of the Exchange Act [15 U.S.C. § 78u(d)(l) and (5)], Defendant

is pcnnancntly restrained and enjoined from, directly or indirectly, acting as or being associated

with any broker, dealer, or investment adviser. For purposes of this Final Judgment, a person is

associated with a broker, dealer or investment adviser if such person is a partner, officer,

director, or branch manager of such broker, dealer or investment adviser (or occupies a similar

status or performs similar functions), directly or indirectly controls, is controlled by, or is under

common control with such broker, dealer or investment adviser, or is an employee of such

broker, dealer or investment adviser.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who

receive actual notice of this Judgment by personal service or otherwise: (a) Defendant’s officers,

agents, servants, employees, and attorneys; and (b) other persons in active concert or

participation with Defendant or with anyone described in (a).

IV.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is

liable for disgorgement of $4,150,000; provided, however, that Defendant’s disgorgement

obligation is deemed satisfied by the Restitution Order (Doc. 25) and Preliminary Order of

Forfeiture (Doc. 28) requiring Defendant to pay this amount in United States v. Corhman.

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V.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent is

ineorporated herein with the same force and effect as if fully set forth herein, and that Defendant

shall comply with all of the undertakings and agreements set forth therein.

VI.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, for purposes of

exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. § 523, the

allegations in the Complaint are true and admitted by Corbman, and further, any debt for

disgorgement, prejudgment interest, civil penalty or other amounts due by Corbman under this

Judgment or any other judgment, order, consent order, decree or settlement agreement entered in

connection with this proceeding, is a debt for the violation by Corbman of the federal securities

laws or any regulation or order issued under such laws, as set forth in Section 523(a)( 19) of the

Bankruptcy Code, 11 U.S.C. § 523(a)(19).

VII.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall

retain jurisdiction of this matter for the purposes of enforcing the terms of this Judgment.

Alexandria, Virginia

/s/
%, 2025Dated: Michael S. Nachmanoft

United States District Judge

Honorable Michael S. Nachmanoff

United States District Judge

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