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Pastimes : Brokerage-Chat Site Securities Fraud: A Lawsuit
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To: Jorj X Mckie who wrote (1576)7/11/2003 3:00:18 PM
From: CountofMoneyCristo  Read Replies (1) of 3143
 
Let me expand upon something here, as you've raised damages. Keep this in mind that claims in this case consist of three parts:

1. fees paid for the investment advice
2. commissions plus ill-gotten gains such as the Cyber sale for $500-800 million
3. losses on advised trades

The first is relatively low. Either of the latter two are well into the hundreds of millions of dollars.

In fact, under the public claims, from what I have seen to date of the case law, to force disgorgement of all ill-gotten gains it is not necessary to prove damages - all one need prove is a deceptive trade practice that led to ill-gotten gains. Then they all have to be paid back. It's called the Unfair Competition Law.
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