Mark:
I generally agree with you that in the grand scheme of things, it is a slap on the hand. However, JR and HC must now live with the findings of fact, which I suspect is a large part of why they went to trial in the first place. Remember all of the heat that MA took for the Florida default judgment? This judgment will likely follow JR and HC in the same way. It is a BIG credibility and reputation hit (just as it was for MA) even if the actual consequences are minor.
Since none of the fine money would go to investors that lost money, the $5K is really meaningless. I am sure that they spent many times that defending the lawsuit as did the government prosecuting it.
I wonder whether there will be an appeal. Given the very minor actual consequences, one has to wonder whether it would be financially justifiable to pursue it. If SOLVD is paying the attorney's fees, one has to really wonder whether it is a good business decision to pursue an appeal. On the other hand, if an insurance company is paying the fees, then there is really very little to lose.
I also wonder whether some folks think that the findings of fact are unjustified. Since I did not watch the trial or hear the evidence, there is no legitimate way that I could (IMO) have an opinion with any basis in fact one way or the other whether the evidence heard by the judge justifies the findings. But, opinions are generally as varied as their justifications, so I am still curious.
Troy |
