Two civil enforcement cases filed by the Securities and Exchange Commission may define when insider trading can be rightly called securities fraud, according to a New York Criminal Lawyer.
Actions of civil enforcement have been taken against the billionaire owner of the Dallas Mavericks basketball team, and the former chief executive of Countrywide Financial. These cases are very important to the S.E.C. which is trying to restore its image as the defender of securities markets.
Generally, New York Criminal Lawyers report, S.E.C. cases are settled and no one admits guilt. These two cases against the team owner and the former executive, however, are being pursued to the limit of the law.
These cases may eventually come to a jury trial to consider the evidence and decide if these men actually broke the law against insider trading. The team owner is thought to have avoided losing $750,000 while the former executive is thought to have made $140 million in stock sales.
In the case of the team owner, a judge dismissed the case, saying the S.E.C. had failed to prove a securities violation due to insufficient evidence. The United States Court of Appeals for the Fifth Circuit later overturned this decision and returned the case to district court. New York Criminal Lawyers believe a trial is likely.
The former executive made a motion to have his case dismissed, but this was rejected by a federal district court judge in Los Angeles.
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