( September 10, 2025, 12:56 PM EDT) -- MADISON, Wisc. — A federal judge in Wisconsin ordered the managing members of an investment fund and their associated entities to pay about $12.5 million in disgorgement and the managing members to pay $5 million each in civil penalties and permanently enjoined the managing members from working with securities on behalf of others after a jury found they had violated federal securities laws and regulations by inflating the value of certain investments, paying management fees based on the inflated valuations and reporting nonexistent income....