An investment adviser is stuck with a lifetime bar from the securities industry and over $650,000 in SEC fines and disgorgement after a federal appeals court declined to review his case.

There was substantial evidence to support the Securities and Exchange Commission’s case against investment adviser Timothy S. Dembski, according to the U.S. Court of Appeals for the Second Circuit’s Feb. 27 summary order. Federal courts typically affirm SEC findings of fact so long as the findings are supported by substantial evidence.

The SEC previously barred Dembski for life from the securities industry for misleading investors about his hedge fund, the court said. The commission also ordered Dembski to pay over $350,000 in disgorgement, along with $300,000 in fines, according to the commission’s March 2017 opinion.

Dembski said every other witness at the administrative hearing committed perjury, but the court only reverses credibility determinations when the decisions are arbitrary, capricious, or abuses of discretion, according to the court. Dembski didn’t show this, the court said.

The case is Dembski v. SEC , 2018 BL 64805, 2d Cir., No. 17-1553-ag, 2/27/18 .

To contact the reporter on this story: Jennifer Bennett in Washington

To contact the editor responsible for this story: Seth Stern