The SEC posted its brief before the Third Circuit in support of a jury's verdict finding that defendants violated the Securities Exchange Act of 1934’s (the "Exchange Act") antifraud and shareholder reporting provisions by intentionally misrepresenting the extent and purpose of their beneficial ownership of shares, and supporting the district court's order to disgorge profits from selling those shares. Issues on appeal include the Commission's use of an allegedly inauthentic document; the admissibility of defendant's criminal allocution testimony; the sufficiency of the evidence; and the basis for the $49 million disgorgement order. Appellate Brief.