Illegal Profits Topped $5M, SEC Says
The SEC said the scheme generated over $5 million in unlawful proceeds, with Xtreme Fighting receiving at least $436,000 directly.
Under the proposed terms:
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Xtreme Fighting and Smith will jointly and severally disgorge $436,000, plus $97,509 in prejudgment interest.
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The company will also pay a civil penalty of $436,000.
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Smith is individually liable for an additional $236,451 penalty.
The court had paused proceedings in January to allow time for settlement negotiations. A joint status report in March confirmed that both sides had reached a written agreement.
Legal Counsel and Case Information
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Xtreme Fighting and Steve Smith are represented by Richard E. Brodsky of The Brodsky Law Firm.
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The SEC is represented in-house by Michael C. Moran, Kathleen B. Shields, and William J. Durkin.
Neither side immediately responded to requests for comment Friday evening.
The case is Securities and Exchange Commission v. Steve Smith et al., case number 1:24-cv-24802, in the U.S. District Court for the Southern District of Florida.
