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FEDERAL TRADE COMMISSION, Appellee, v. SECURITY RARE COIN & BULLIO... Page 6 of 6 The district court has broad remedial discretion to grant an appropriate form of equitable relief under section 13(b) of the Act. Where it is impossible or infeasible to return the specific property at issue, thus rendering true rescission impossible, a money substitute may take the place of the specific property to be returned. Nelson v. Serwold, 576 F.2d 1332, 1339 (9th Cir.1, cert. denied, 439 U.S. 970, 99 S.Ct. 464, 58 L.Ed.2d 431 (1978). The monetary equivalent of rescission is the difference between the amount paid for the property and its current market value. To adhere to the model of true rescission, where the property is returned on the judgment date, the monetary value of the property should be determined as of the judgment date or the date of the disclosure of the fraud. Here, Security Coin never acknowledged the fraud, thus the judgment date and the date of disclosure of the fraud are effectively the same. 18 We agree with the district court that the monetary equivalent of rescission is appropriate in the present case because Security Coin is out of business and some 9,000 consumers are entitled to relief. Contrary to Security Coin's contention, it is unlikely that some customers might profit unfairly, either because they have already sold their coins or because they will be permitted to retain coins that may increase in value, because the market for the coins was essentially a product of Security Coin's own dealings and fell dramatically after Security Coin's collapse. That Security Coin becomes an "insurer of the markeY' is an inherency of rescission, whether actual or monetary, and to put Security Coin into this position is not inequitable. The innocent customers' losses exceed Security Coin's gains, it may be true, but we conclude that restoration of the victims of Security Coin's con game to the status quo ante was not an abuse of the district court's discretion. 19 The decision of the district court is affirmed. 1 The Honorable Robert G. Renner, United States District Judge for the District of Minnesota This case is cited by: (Only cases currently available in AltLaw are listed.) All cases published on this site are in the public domain /�„„1 Disclaimer: The people behind AltLaw are not your lawyers, and nothing on this site should be `-J considered legal advice. We also make no representations or promises about the completeness, accuracy, or timeliness of any of the content on the site. AltLaw is a beta-release project, and we recommend that before relying on our site, you double-check your results with another legal research resource. http://www.altlaw.org/v1/cases/477126 12/5/2008