Overselling a job opportunity to a coveted recruit might be commonplace, but firms can pay a price if managers fail to follow through on promises they make when wooing a new hire.
Bonomo v. Nova Fin. Holdings (E.D. Pa.)
MEMORANDUM - Nova Financial Holdings’ mere failure to update shareholder on all developments was not a securities violation, nor was scienter found. The duty to update does not touch on all forward-looking statements.
S.E.C. v. DeHaan (N.D. Ga.)
COMPLAINT – The S.E.C. claims that DeHaan moved client money from his investment advisory business’s account to a pass-through account (allegedly to set up new accounts for the clients), and then moved $600,000 of that money to his personal account, in violation of sections 206(1) and (2) of the Investment Advisers Act of 1940.
S.E.C. v. Cioffi (E.D.N.Y.)
MEMORANDUM - The federal district court reluctantly approved the SEC’s civil settlement with Ralph R. Cioffi and Matthew M. Tannin after their acquittal in criminal prosecution. Current law requires the settlement to take into account the gains by defendants and not the losses to victims of wire fraud and securities fraud, in this case allegedly more than a billion dollars.
Regulators approved a Dodd-Frank rule that requires stock exchanges to force the companies that list on them to meet certain compensation standards.
The ruling, by U.S. Judge Paul Crotty, could strengthen claims by insurers seeking to hold banks responsible for losses on the risky loans.
The 4th Circuit rejected Lee Farkas' claims that the trial judge had violated his Fifth Amendment rights by instructing the jury improperly.
Kanas was sued by Capital One for breach of contract in 2011 over obligations under his non-competition agreements with the bank.
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