The S.E.C. could seek a variety of penalties in that case, including banning him from the business.
Last month, the Supreme Court heard oral arguments on issues in that case, including the standing of the states to bring such lawsuits.
That would clear the way for eight plaintiffs in that case, including Mr. Ricci, to ascend to lieutenant and six others to become captains.
An indictment said that the defendants in that case, including the chief of MTC, Lavette M. Bills, duped troubled homeowners into selling their properties at low prices or persuaded them to transfer the deeds to their homes, promising to help solve their financial problems and then return the properties.
A separate trial is planned in Nevada next year on charges stemming from the 2014 Bunkerville conflict, and the 19 defendants in that case include Cliven, Ammon, Ryan and two other Bundy men.
They explain that the United States had a valid justification for attacking Mexico — among other things, they say, there was a matter of unpaid debts — and that it also had a right to whatever territory it could lay claim to as a result, which, in that case, included all or part of what would become California, Utah, Nevada, Arizona, New Mexico, Colorado, and Wyoming.
As the journalist Bill Gifford pointed out on Twitter today, video posted online showing one part of Armstrong's testimony in that case includes his statement that he would not cheat because, in addition to losing his professional contract, and endorsement deals, he would lose "the faith of all of the cancer survivors around the world".
The plaintiffs in that case included at least 10 members of the Pro Football Hall of Fame, the family of linebacker Junior Seau, who took his own life last year, and former Atlanta Falcons safety Ray Easterling, who filed the first lawsuit in 2011 but later killed himself.
Fifteen years later, Mr. Shellem's series in The Patriot-News pointed to flaws in the case, including a confession that appeared to have been coerced.
He has impounded 127 properties from the various defendants in the case, including about 80 that belong to the mayor's former husband.
One possible explanation is that the key people in the case — including the students and the school officials — had left the school.
