(Bloomberg) -- The U.S. Securities and Exchange Commission doesn’t have to pay for what a judge called the "bacchanalian adventure" of two executives after agreeing to cover their travel costs to be questioned in a lawsuit.
The regulator’s obligation to pick up the tab for taking depositions of the two men, principals of a defunct Panamanian broker-dealer firm, Verdmont Capital SA, doesn’t extend to “exquisite" expenses like first-class flights to London, a five-star hotel, $1,000 bar tab and a two-day side trip to Madrid, U.S. District Judge William Pauley in Manhattan said in a ruling Thursday.
Pauley also denied expense requests from the two, Glynn Fisher and Taylor Housser, for a $100 bottle of Bierzo el Rapolao Perez, “a well-regarded Mencia varietal from the Leon Province of Spain,” and a tour of St. Paul’s Cathedral in London.
"The request that the government reimburse Verdmont’s principals for their saturnalian revelries is beyond the pale," Pauley wrote in a three-page order.
To contact the reporter on this story: Bob Van Voris in federal court in Manhattan at email@example.com. To contact the editors responsible for this story: David Glovin at firstname.lastname@example.org, Peter Blumberg, Michael Hytha
©2016 Bloomberg L.P.