After Theradoc's acquisition from Hospira in December 2009, he continued his deception, withdrawing $3 million from February through September. In the last six weeks he withdrew $1.3 million and has not repaid it. The $3 million was transferred from the firm to his personal checking and savings account which was then invested with a broker-dealer. While Beckwith allegedly repaid the funds from trading profits, he recently had suffered losses. Beckwith also tried to cover up the scheme by providing Hospira's accountants with bank records that deleted his withdrawals and deposits.

The SEC asks to court to impose civil penalties and order the disgorgement of ill-gotten gains, along with prejudgment interest. It is also requesting the court to bar Beckwith and his firm from destroying or altering records related to the case, from disposing of assets and placing his assets in trust for use in paying penalties and fees.