LexisNexis® Legal Newsroom
SEC Wins Two Jury Verdicts

The SEC prevailed in court this week, securing two favorable jury verdicts. Both courtroom victories centered on offering fund charges. SEC v. True North Finance Corporation, Civil Action No. 10-3995 (D. Minn.); SEC v. AIC, Inc., Civil Action No. 3:11-cv-00176 (E.D. Tenn.). True North is an action...

SEC Obtains Nearly $70 Million Judgment Based on Prior Jury Verdict

The SEC obtained a judgment for nearly $70 million in a fraud action based on a jury verdict obtained last fall. SEC v. AIC, Inc., Civil Action No. 3:11-cv-00176 (E.D. Tenn.). The action named as defendants the AIC, Community Bankers Securities, LLC, Nicholas Skaltsounis, John Guyettte and John Graves...

SEC Prevails in Jury Trial Against Investment Adviser and Principal

The Commission prevailed in another jury trial this week, securing a favorable verdict against a registered investment adviser, Sage Advisory Group, LLC, and its principal, Benjamin Grant. SEC v. Sage Advisory Group, LLC, Civil Action No. 1: 10-cv-11665 (D. Mass.). The action centered around Mr. Grant’s...

This Week In Securities Litigation (Week ending August 15, 2014)

The Commission prevailed in two litigated actions. In one the agency secured a favorable jury verdict in an action centered on misrepresentations made by an investment adviser who sought to move his book of business to a new entity. In the second, a jury returned a verdict in favor of the SEC in a microcap...

SEC Files Financial Fraud Action

Financial fraud is an enforcement priority of the SEC. A financial fraud task force was formed in July 2013. Its purpose is to focus on this traditional staple of enforcement. A data analysis group was formed at the same time to give the task force a new big data type approach under which computers would...

This Week in Securities Litigation (Week ending August 21, 2015)

The Commission filed a settled FCPA action this week centered on hiring relatives of foreign officials tied to a sovereign wealth fund. In addition, the agency filed two actions involving Citigroup – one based on the market crisis and a second tied to compliance failures – a boiler room case...