Emmanuel Lemelson#Accusation of security fraud

{{Short description|American businessman, hedge fund manager and priest}}

{{Infobox Christian leader

| type = priest

| honorific-prefix = The Reverend

| name = Emmanuel Lemelson

| image = Emmanuel Lemelson.jpg

| caption = Photograph of Emmanuel Lemelson

| ordination = July 23, 2011

| ordained_by = Metropolitan Elpidophoros

| birth_date =

| birth_place = Phoenix, Arizona,
United States

| death_date =

| death_place =

| occupation = Greek Orthodox priest, social commentator, and hedge fund manager

| education = Seattle University (BA) {{br}} Hellenic College Holy Cross (M.Div.)

}}

Emmanuel Lemelson (born Gregory Manoli Lemelson) is an American-born Greek Orthodox priest, social commentator and hedge fund manager.

Between 1999 and 2010, he ran the internet company Amvona. In 2011, Lemelson was ordained a Greek Orthodox priest. In 2012, he founded Lemelson Capital Management, which runs The Amvona Fund, a hedge fund based on Christian ethics. In September 2018, Lemelson was sued by the U.S. Securities and Exchange Commission for various infractions involving a short sale. A federal jury returned a mixed verdict resulting in a fine and 5-year injunction barring Lemelson from further securities violations.

Early life and education

Gregory Manoli Lemelson was born in Phoenix, Arizona to a Jewish father and Christian mother.{{cite news|url=https://www.wsj.com/articles/hedge-fund-priest-thou-shalt-make-money-1445918531?mod=mktw|title=Hedge-Fund Priest: Thou Shalt Make Money|last=Copeland|first=Rob|date=October 28, 2015|work=Wall Street Journal|access-date=19 December 2015}} (Subscription required) Following high school, he attended Seattle University, graduating with a Bachelor of Arts in Theology and Religious Studies[http://phanarion.org/leadership/3-directors/7-rev-fr-emmanuel-lemelson/7-rev-fr-emmanuel-lemelson The Lantern Foundation official website, "Leadership"], Retrieved April 24, 2014. in 1999.{{citation needed|date=July 2018}} He then attended Hellenic College Holy Cross Greek Orthodox School of Theology in Brookline, Massachusetts, where he received a M.Div. in 2003.[http://issuu.com/orthodoxmarketplace/docs/2003jun_jul "33 Degrees awarded at HC/HC Commencement"]. Orthodox Observer, June–July 2003, page 2. Retrieved January 7, 2016.

While a 17-year-old undergraduate at Seattle University, Lemelson met Robert Spitzer, a Jesuit priest and philosopher. In interviews, Lemelson has indicated that the encounter was a significant event in his religious life.{{clarify|date=July 2018}}[http://www.metrowestdailynews.com/article/20140616/News/140619938 "Rev. Fr. Emmanuel Lemelson"], The MetroWest Daily News, June 16, 2014. Retrieved January 6, 2016.Brown, Brian [https://web.archive.org/web/20131124140254/http://www.cabusinessjournal.org/news/rev-fr-emmanuel-lemelson-speaks-about-his-journey-alongside-amvona/ "Rev. Fr. Emmanuel Lemelson Speaks About His Journey Alongside Amvona"] California Business Journal, April 18, 2013. (Archived at archive.org). Retrieved January 8, 2016.Wright, Susan [https://web.archive.org/web/20130616164330/http://investmentunderground.com/6541/long-short-ideas/amvona-unites-thinkers-on-multi-faceted-blog/ "Amvona Unites Thinkers On Multi-Faceted Blog"]. Investment Underground, March 4, 2013. (Archived at archive.org.) Retrieved January 8, 2016.

Early career

By 1994, while an undergraduate student at Seattle University, Lemelson launched a retail photography business, and in 1999 he founded the website Amvona (a name derived from the Greek word for "pulpit") from his dorm room at Hellenic College. The company, which sold photography accessories, grew quickly, generating around $40 million in revenue.Costa, Filipe R. (June 8, 2015). [http://masterinvestor.co.uk/latest/fund-manager-in-focus-emmanuel-lemelson/ "Fund Manager in focus: Emmanuel Lemelson"]. Master Investor. Retrieved October 26, 2015.

Writing in the local Massachusetts paper The Sun Chronicle in 2009, journalist Rick Foster quotes Lemelson as stating that his business focuses on cash flow rather than debt and that "Amvona owes nothing to venture capitalists." Despite economic challenges, Lemelson launched Amvona Trails, a platform combining social networking and e-commerce and believed recessions provide an opportunity for innovation.{{Cite web |last=STAFF |first=RICK FOSTER SUN CHRONICLE |date=2009-05-16 |title=Frugal business |url=https://www.thesunchronicle.com/news/local_news/frugal-business/article_b6402537-fb71-503d-8dfb-59a9b3b00b09.html |access-date=2024-12-23 |website=The Sun Chronicle |language=en}}

Between 1999 and 2010, Amvona sold more than a million photo accessories to 300,000 customers, and was one of the top ten most visited online photo retail websites. The company also registered several patents, including proprietary software to connect its customers through user profiles, product reviews, exit data and online tracking software. Similar technology was later used by other websites to track user activities.[http://seekingalpha.com/article/657331-on-the-value-of-users-hard-drives-and-batteries-part-1 "On the Value of Users, Hard Drives and Batteries," Part 1, Seeking Alpha, June 13, 2012.], Retrieved April 24, 2014.

In 2010, Amvona discontinued its e-commerce business. There was no official explanation, however journalist Filipe R. Costa speculated it was due to increased competition from Chinese companies offering cheap photography equipment online, and Lemelson's business philosophy of not taking on massive debt for the possibility of future growth.

Religious activity

Lemelson was ordained as a Greek Orthodox deacon on July 23, 2011, and, the following day, as a priest by Metropolitan Elpidophoros of Bursa.{{cite web |url=http://www.romfea.gr/diafora-ekklisiastika/1887-8748 |title=Προύσης Ελπιδοφόρος: "Το Οικουμενικό Πατριαρχείο αγκαλιάζει όλα τα έθνη" |trans-title=Proussis Hope: "The Ecumenical Patriarchate hugs all nations" |work=Romfea |date=July 25, 2011 |language=Greek |archive-url=https://web.archive.org/web/20140425003602/http://www.romfea.gr/diafora-ekklisiastika/1887-8748 |archive-date=2014-04-25 |access-date=2023-11-26}} He was granted the ecclesiastical name Emmanuel and was assigned to the Albanian Orthodox Diocese of America at the Holy Trinity Albanian Orthodox parish in South Boston.{{cite web|url=http://www.goarch.org/archdiocese/yearbook/2016yearbook.pdf|title=Albanian Orthodox Diocese|year=2016|work=Greek Orthodox Archdiocese of America 2016 Yearbook|page=183|access-date=16 January 2016}} In June 2013,{{citation needed|date=January 2016}} he was assigned to the Holy Metropolis of Switzerland, a jurisdiction of the Ecumenical Patriarchate.

In November 2014, Lemelson was a member of the Orthodox Church's delegation for a two-day meeting between Ecumenical Patriarch Bartholomew I and Pope Francis in Istanbul. He has said that as a young man he fostered a vision that Catholics and Orthodox Christians would soon be reunited,{{cite news|url=http://www.thebostonpilot.com/article.asp?ID=172614|title=Some see unity vision reignited by pope, patriarch's gestures in Turkey|last=Tracy|first=Tom|date=December 3, 2014|work=The Pilot|publisher=Pilot Media Group|access-date=29 April 2015}} and he has stated that more progress towards reconciliation has been made under these two leaders than had taken place in nearly a millennium,[https://www.washingtonpost.com/national/religion/3-things-pope-francis-hopes-to-accomplish-in-turkey/2014/11/26/715a530a-7585-11e4-8893-97bf0c02cc5f_story.html "Three things Pope Francis hopes to accomplish in Turkey," by Josephine Mckenna, The Washington Post, November 26, 2014.], Retrieved December 3, 2014. since the East–West Schism. Lemelson also argued that the timing was "critical" since, as he claimed, "Christians are facing unprecedented persecution in our modern era."

At a presidential candidate campaign rally for Donald Trump held in Keene, New Hampshire on September 30, 2015, Lemelson offered the invocation and spoke at the rally, condemning the abortion practices of Planned Parenthood. He also gave a personal blessing to Trump.{{cite AV media|url=http://video.foxbusiness.com/v/4598495569001/meet-the-priest-of-wall-street/?#sp=show-clips|title=Meet the priest of Wall Street|date=November 5, 2015|author1=Emmanuel Lemelson|publisher=Fox News|series="Stock Alert"|access-date=2020-09-16|medium=Television production}}

In October 2016 Lemelson called for the removal of the chancellor of the Greek Orthodox Metropolis of Boston following a clergy sex-abuse scandal. He said the incident was preventable and there were serious deficiencies in the protocols used for the oversight of clergy.{{Cite news|url=https://www.bostonglobe.com/metro/2016/10/12/advocates-call-for-removal-top-greek-church-official/9TfnKC22sD8ddMYTcIxbCJ/story.html|title=Advocates call for removal of top Greek church official - The Boston Globe|work=BostonGlobe.com|access-date=2017-03-17}}{{Cite web|url=http://bangordailynews.com/2016/10/14/news/bangor/advocacy-group-calls-for-removal-of-jailed-priests-supervisor/|title=Advocacy group calls for removal of jailed priest's supervisor|last1=Harrison|first1=Judy|last2=Staff|first2=B. D. N.|website=The Bangor Daily News|date=14 October 2016|access-date=2017-03-17}}

In 2023, Lemelson faced legal opposition from his neighbors, including Fritz Burkard, a Swiss billionaire heir to a chemicals fortune, and American billionaire Dan Hirschfeld, founder of retailer Buckle, over his construction of an Orthodox chapel{{Cite web |title=The beginnings of a family chapel in the heart of Vermont |url=https://orthochristian.com/98305.html |access-date=2023-08-11 |website=OrthoChristian.Com}} and other developments in Stowe, Vermont.{{Cite web |last=Calvin |first=Aaron |date=2023-08-10 |title=Swiss heir to industrial fortune establishes big estate in Stowe |url=https://www.vtcng.com/stowe_reporter/news/business_news/swiss-heir-to-industrial-fortune-establishes-big-estate-in-stowe/article_4ca96e7e-3796-11ee-a515-37efaa6fa4da.html |access-date=2023-08-11 |website=Vermont Community Newspaper Group |language=en}}{{Cite web |last=Writer |first=Aaron Calvin {{!}} Staff |date=2023-11-02 |title=Edson Hill neighbors appeal Lemelson development decision |url=https://www.vtcng.com/stowe_reporter/news/local_news/edson-hill-neighbors-appeal-lemelson-development-decision/article_1fe1227c-799c-11ee-82fc-87ce5aee9a04.html |access-date=2023-11-26 |website=Vermont Community Newspaper Group |language=en}} The Burkhard and Hirshfeld legal challenges were unsuccessful.https://www.vermontjudiciary.org/sites/default/files/documents/Lemelson%203-Lot%20Subdivision%20Appeal%2023-ENV-97%20OTR%20Merits.pdf{{Cite web |last=Writer |first=Aaron Calvin {{!}} Staff |date=2024-12-19 |title=Edson Hill estate continues expansion |url=https://www.vtcng.com/stowe_reporter/news/local_news/edson-hill-estate-continues-expansion/article_45008580-be2d-11ef-954b-d381937d8de9.html |access-date=2024-12-23 |website=Vermont Community Newspaper Group |language=en}}

Social commentary and media appearances

Lemelson has been profiled or appeared as a commentator on Benzinga,{{cite web|url=http://www.benzinga.com/analyst-ratings/analyst-color/15/04/5446471/this-hedge-fund-manager-wouldnt-be-surprised-if-iphone-u|title=This Hedge Fund Manager 'Wouldn't Be Surprised' If iPhone Units Hit 60 Million|last=Riley|first=Kevin|date=April 27, 2015|publisher=Benzinga|access-date=29 April 2015}} CBS Radio Boston,{{cite AV media |people=Emmanuel Lemelson |date=December 2, 2014 |title=Rev. Fr. Emmanuel Lemelson, founder and President of the Lantern Foundation, Part 1 |medium=Radio broadcast |url=http://phanarion.org/updates/6-updates/225-rev-fr-emmanuel-lemelson-founder-and-president-of-the-lantern-foundation-interview-with-cbs-radio-boston-part-1 |access-date=2020-09-16 |location=Boston |publisher=CBS Radio }} Fox News{{cite AV media |author1=Emmanuel Lemelson |author2=Lauren Green |date=December 5, 2014 |title=Pope calls for an end to religious extremism |medium=Television production |url=http://video.foxnews.com/v/3925438355001/pope-calls-for-an-end-to-religious-extremism/ |access-date=2020-09-16 |publisher=Fox News |series=Spirited Debate }} and on Russia's NTV.{{cite AV media|author1=Emmanuel Lemelson|title=Угроза или шанс: затронет ли Россию торговая война США и Китая|trans-title=Threat or Chance: Will Russia Affect the U.S.-China Trade War?| url=http://www.ntv.ru/video/1580006/ |language=ru|medium=Television production|access-date=2020-09-16|date=April 7, 2018|time-caption=Lemelson segment at|time=1m55s}} In a 2015 Fox Business video interview, Lemelson criticized the Federal Reserve for keeping interest rates artificially low and contributing to economic inequality, and in a June 2016 op-ed for The National Interest, he advocated strengthening of US immigration policy, which he claimed would oppose Islamic extremism.{{Cite web|url=http://nationalinterest.org/blog/the-buzz/how-american-christians-should-respond-islamic-extremism-16665?page=2|title=How American Christians Should Respond to Islamic Extremism|last=Lemelson|first=Emmanuel|website=The National Interest|date=21 June 2016|language=en|access-date=2018-06-23}} In an interview with NTV he stated that identity politics contradicts Christian teaching.{{Cite web |last=ntv.ru |title=Трансинвалидность: зачем здоровые люди специально себя калечат // Новости НТВ |url=https://www.ntv.ru/novosti/2762521/ |access-date=2023-11-26 |website=НТВ |language=ru}}

In October 2015, Lemelson was profiled in a 4-minute video produced by The Wall Street Journal.{{cite AV media |people=Johnson, Gabe (director) |date=October 26, 2015 |title=The Priest Who Moonlights as a Hedge-Fund Manager |type=Video |url=https://www.wsj.com/video/the-priest-who-moonlights-as-a-hedge-fund-manager/F47F7EBE-9D59-4BB4-948F-5AD41EA1B5F2 |access-date=2023-11-28 |work=The Wall Street Journal }}

He is the creator of the Fr. Emmanuel Lemelson Podcast,{{Cite web |title=The Fr. Emmanuel Lemelson Podcast |url=https://www.youtube.com/playlist?list=PLqlh699bDBrL60JulMoWjirqdqT5-yz1Z&si=YynKTo9WzgCko8CO |access-date=2025-01-25 |website=YouTube |language=en}} which examines "Government, Wall Street, and culture from an Orthodox Christian perspective."{{Cite web |title=Rev. Fr. Emmanuel Lemelson |url=https://www.youtube.com/@Lemelson |access-date=2025-01-25 |website=YouTube |language=en}} In a January 2025 interview with Russia's NTV,{{Cite AV media |url=https://www.youtube.com/watch?v=YRCXAHjCVbk&feature=youtu.be |title=Is Neuralink The Mark Of The Beast? {{!}} Ep 28 |date=2025-01-20 |last=Rev. Fr. Emmanuel Lemelson |access-date=2025-01-25 |via=YouTube}} he asserted that Elon Musk is "driven by demons", a claim later echoed by the television channel, which also aired scences from the podcast.{{Cite web |last=Чечулинский |first=Антон |title=Антихрист и слуга Сатаны: теологи и проповедники увидели на Маске "печать зверя" // Новости НТВ |url=https://www.ntv.ru/novosti/2872307 |access-date=2025-01-24 |website=НТВ |language=ru}}{{Cite web |last=Helleniscope |date=2024-11-23 |title=Fr. Lemelson: What Are Elon Musk's Three Dark Ambitions |url=https://www.helleniscope.com/2024/11/23/fr-lemelson-what-are-elon-musks-three-dark-ambitions/ |access-date=2025-01-24 |website=Helleniscope |language=en-US}}

Hedge fund manager

In 2012, Lemelson founded Lemelson Capital Management, LLC, the sole sponsor and general partner of The Amvona Fund, L.P. and Spruce Peak Fund, LP that focus on deep value and special situations.[http://lemelsoncapital.com/index.php?option=com_content&view=article&id=1&Itemid=101 "Lemelson Capital Management" official website], Retrieved July 7, 2014.

= The Amvona Fund, LP =

In 2014, he shorted the stock of World Wrestling Entertainment, questioning the value of the company's brand.{{Cite web|last=Strauss|first=Gary|title=World Wrestling pummeled four out of five rounds this week|url=https://www.usatoday.com/story/money/markets/2014/04/07/world-wrestling-gets-wall-street-style-take-down/7418043/|access-date=2021-04-03|website=USA TODAY|language=en-US}} and stating that he believed the company had made material misrepresentations about both its performance and operating model.{{Cite web|last=Kline|first=Daniel B.|date=2014-06-07|title=Should the McMahons Still Be Running WWE?|url=https://www.fool.com/investing/general/2014/06/07/should-the-mcmahons-still-be-running-wwe.aspx|access-date=2021-07-31|website=The Motley Fool|language=en}} When the share price subsequently fell,{{Cite web|last=Schiavo|first=Amanda|title=Why World Wrestling Entertainment (WWE) Stock Finished Down Today|url=https://www.thestreet.com/markets/why-world-wrestling-entertainment-wwe-stock-finished-down-today-12667421|access-date=2021-07-31|website=TheStreet|date=11 April 2014 |language=en-us}} Lemelson went long the stock and called for new leadership or a sale of the company.{{Cite web|last=Elconin|first=Joel|date=2014-09-11|title=Lemelson Takes Down World Wrestling Entertainment, Inc. And Brings It Back Up|url=https://www.benzinga.com/general/movers-shakers/14/09/4843791/lemelson-takes-down-world-wrestling-entertainment-inc-and-bring|access-date=2021-07-31|website=Benzinga|language=English}}

In late April, 2014 Lemelson announced he was building a stake in the semiconductor and LED equipment maker Kulicke & Soffa Industries (NASDAQ: KLIC), saying the company was "absurdly" undervalued. In a letter to the company's CEO Lemelson said he had amassed a stake of nearly 1% and planned to continue buying. Following his commentary, shares rose nearly 10% on triple the normal trading volume.{{Cite web |last=Strauss |first=Gary |title=Kulicke & Soffa shares surge after investor urges buyback |url=https://www.usatoday.com/story/money/markets/2014/04/22/kulicke--soffa-shares-rocket-after-investor-urges-buyback/8016399/ |access-date=2021-07-31 |website=USA TODAY |language=en-US}}

In June 2014, he shorted the stock of Ligand Pharmaceuticals, criticizing its business practices in a 56-page report alleging fraud and insolvency{{Cite web |title=Priest Urged Investors To 'Run' From Pharma Biz, Jury Hears - Law360 |url=https://www.law360.com/articles/1436745/priest-urged-investors-to-run-from-pharma-biz-jury-hears |access-date=2023-11-25 |website=www.law360.com |language=en}} and focusing on the drug Promacta and its relationship to Viking Therapeutics.{{Cite web|title=Mass. Priest Wants Out Of SEC's $1.3M Short-Selling Suit - Law360|url=https://www.law360.com/articles/1096018/mass-priest-wants-out-of-sec-s-1-3m-short-selling-suit|access-date=2022-02-23|website=www.law360.com|language=en}} He also wrote letters to Congress regarding the alleged abuses.{{Cite web|last=Wolinsky|first=Jacob|date=2019-03-06|title=Ligand Pharmaceuticals Disposes Of Promacta, Plunges 13 Percent|url=https://www.valuewalk.com/2019/03/ligand-accounting-and-securities-fraud/|access-date=2022-02-23|website=www.valuewalk.com|language=en-US}} The report allegedly caused a $500 million drop in the company's market capitalization and, after covering his short position in October 2014, a profit of $1.3 million to Lemelson.{{Cite web|title=Hedge Fund Priest Beats SEC Short-And-Distort Claims - Law360|url=https://www.law360.com/articles/1438146/hedge-fund-priest-beats-sec-short-and-distort-claims|access-date=2022-11-25|website=www.law360.com|language=en}}

Lemelson's activities led the Amvona Fund to be ranked in three months during 2013–14 among the world's top performing hedge funds,[http://seekingalpha.com/news/1431301-sa-author-amvona-ranks-first-among-hedge-funds-again "SA author ranks first among hedge funds, again," Seeking Alpha, November 25, 2013], Retrieved April 24, 2014.[http://hedgefundgroup.org/worlds-top-performing-hedge-funds.html "Barron's Ranks the World's Top Performing Hedge Funds for April 2014," HFG] {{Webarchive|url=https://web.archive.org/web/20140606220623/http://hedgefundgroup.org/worlds-top-performing-hedge-funds.html#|date=2014-06-06}}, Retrieved June 4, 2014. and by mid 2015 the company reported a net return of 150 percent since its launch.

In October 2015, The Wall Street Journal published an article about Lemelson that included a claim that he boasted of his ability to "crash" stocks and quoted him as saying "My whole life I always knew things before they happened. I guess it's just a gift from God". Lemelson later published a response to the story, calling it a "directory of fallacies", and outlined what he described as 14 major factual errors and omissions, but did not deny the quote regarding prescience.{{cite web|date=November 4, 2015|title=Lemelson Capital Management: Profile In Wall Street Journal Was 'Extraordinarily Error-Laden' And A 'Directory Of Fallacies'|url=http://www.benzinga.com/news/15/11/5961223/lemelson-capital-management-profile-in-wall-street-journal-was-extraordinarily-er|access-date=19 December 2015|publisher=Benzinga}} Dow Jones (the owner of The Wall Street Journal) stated that they stood by their story.

= Spruce Peak Fund, LP =

In 2021, Lemelson set up his second fund, Spruce Peak, LP. From March 1, 2021 to December 31, 2023 it has reported an annualized return of 16.92%, compared to the S&P 500 TR's 9.96% performance over the same time period.{{Cite web |title=Performance |url=https://lemelsoncapital.com/performance/ |access-date=2024-06-30 |website=Lemelson Capital |language=en-US}}

=Sued by the SEC=

In 2016 Bloomberg published an article, citing anonymous sources, stating that the U.S. Securities and Exchange Commission (SEC) was examining whether Lemelson had spread false rumours about stocks.{{Cite news|date=2016-03-18|title=Hedge Fund Priest's Trades Probed by Wall Street Cop|language=en|publisher=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2016-03-18/hedge-fund-priest-s-trades-said-to-be-probed-by-wall-street-cop|access-date=2021-02-15}} Lemelson called the article "irresponsible and libelous"{{Cite web|last=StreetInsider|date=March 18, 2016|title=Lemelson Capital Management Labels Bloomberg Article 'Irresponsible and Libelous' |url=https://www.streetinsider.com/Press+Releases/Lemelson+Capital+Management+Labels+Bloomberg+Article+"Irresponsible+and+Libelous"/11432967.html |archive-url=|archive-date=|access-date=February 15, 2021|website=StreetInsider.com}} and later sued Bloomberg,{{Cite web|title=Marlborough investor sues Bloomberg for $100M|url=https://www.wbjournal.com/article/marlborough-investor-sues-bloomberg-for-100m|access-date=2021-02-14|website=Worcester Business Journal|language=en-US}} but his complaint was dismissed.{{cite web|url=https://casetext.com/case/lemelson-v-bloomberg-lp|title=Lemelson v. Bloomberg L.P.|date=2018-08-30|website=casetext.com|publisher=United States Court of Appeals For the First Circuit|access-date=8 April 2022|archive-url=https://web.archive.org/web/20230929000421/https://casetext.com/case/lemelson-v-bloomberg-lp?q=lemelson%20vs.%20bloomberg&sort=relevance&p=1&type=case&tab=keyword&jxs= |archive-date=2023-09-29}}

In 2018 Lemelson was sued by the SEC for irregularities over his 2014 Ligand short sale. The SEC alleged that Lemelson distributed false reports to websites such as PR Newswire, Street Insider, USA Today and worked to have comments "critical of him removed from news releases, including his statements on his alleged bias and lack of expertise".{{Cite web |title=Short-and-Distort Scheme |url=https://thehedgefundjournal.com/short-and-distort-scheme/ |access-date=2024-06-30 |website=thehedgefundjournal.com |language=en-GB}} In November 2021 a federal jury returned a mixed verdict finding Lemelson liable for violating SEC Rule 10b-5 by making untrue statements, but not liable for the more serious accusation under the same rule, of scheming to defraud Ligand investors.{{cite web |url=https://www.reuters.com/legal/litigation/jury-sec-case-finds-priest-shorting-biotechs-stock-made-false-statements-2021-11-05/ |title=Jury in SEC case finds priest shorting biotech's stock made false statements |work=Reuters|first=Nate |last=Raymond |date=November 5, 2021 |access-date=2023-01-01}}{{cite web |url=https://www.hklaw.com/en/insights/publications/2023/01/distortion-to-static-key-first-circuit-opinion-clarifies-limits |title=Distortion to Static: Key First Circuit Opinion Clarifies Limits for Short Sellers |first1=Evan |last1=Nelson |first2=Jessica B. |last2=Magee |work=Holland & Knight |date=January 17, 2023 |access-date=2024-03-14}} In March 2022, U.S. District Judge Patti B. Saris fined Lemelson $160,000 as a civil penalty and issued a prohibitory five year injunction.{{cite web |url=https://www.reuters.com/legal/government/priest-shorting-biotech-stock-owes-sec-160000-faces-lifetime-ban-2022-03-31/ |title=Priest shorting biotech stock owes SEC $160,000, faces lifetime ban |first1=Nate |last1=Raymond |work=Reuters |date=March 31, 2022 |access-date=2023-09-09}}{{cite web |last=Concannon |first=Sarah |date=December 19, 2023 |title=Test their mettle — Defendants' decision to challenge SEC in court is paying off |url=https://www.reuters.com/legal/legalindustry/test-their-mettle-defendants-decision-challenge-sec-court-is-paying-off-2023-12-19/ |access-date=2024-02-06 |website=Reuters}} Lemelson's appeal to the 1st U.S. Circuit Court of Appeals against this ruling was rejected in January 2023,{{cite web |url=https://www.mintz.com/insights-center/viewpoints/54031/2023-01-20-recent-first-circuit-opinion-sec-v-lemelson-provides |title=Recent First Circuit Opinion in SEC v. Lemelson Provides a Roadmap for Section 10(b) Cases Involving an Opinion Defense |first1=Joel D. |last1=Rothman |first2=Elizabeth M. |last2=Platonova |work=Mintz |date=January 20, 2023 |access-date=2024-03-14}} and his subsequent petition to the Supreme Court of the United States for review{{cite web |url=https://www.reuters.com/legal/government/priest-asks-us-supreme-court-bar-sec-penalty-free-speech-grounds-2023-08-02/ |title=Priest asks US Supreme Court to bar SEC penalty on free speech grounds |first1=Nate |last1=Raymond |work=Reuters |date=August 2, 2023 |access-date=2024-03-12}} was declined in December 2023.{{cite news |last1=Villani |first1=Chris |title=Top Court Won't Hear Hedge Fund Priest's Appeal In SEC Case - Law360 |url=https://www.law360.com/articles/1775697/top-court-won-t-hear-hedge-fund-priest-s-appeal-in-sec-case |access-date=February 10, 2024 |work=www.law360.com |date=December 11, 2023 |language=en|url-access=subscription}}{{cite web |url=https://www.supremecourt.gov/search.aspx?filename=/docket/docketfiles/html/public/23-98.html |title=Gregory Lemelson, aka Father Emmanuel Lemelson, et al., Petitioners v. Securities and Exchange Commission |date=December 11, 2023 |work=Supreme Court of the United States |access-date=14 March 2024}}

Lemelson's civil motion for the SEC to pay his $1.7 million attorney's fees was denied in July 2024 by the United States District Court in Massachusetts.{{cite web |title=Civil Action No. 18-11926 |work=United States District Court, D. Massachusetts |date=July 23, 2024 |access-date=2024-11-01 |url=https://caselaw.findlaw.com/court/us-dis-crt-d-mas/116402029.html }} In December 2024, a coalition including the organization Advancing American Freedom and 27 other amici in Lemelson v. SEC, began a challenge to the denial.{{Cite web |last=Walsh |first=Noah |date=2024-12-05 |title=Advancing American Freedom Supports Challenge to SEC Abuse |url=https://advancingamericanfreedom.com/advancing-american-freedom-supports-challenge-to-sec-abuse/ |access-date=2025-01-25 |website=Advancing American Freedom |language=en-US}}