Big Apple Consulting, Mark Jablon and Mark Kaley Lose Appeal
Posted on April 13, 2015 by Brenda Hamilton, Securities and Going Public Lawyer
On April 9, 2015, the U.S. Court of Appeals for the Eleventh Circuit upheld a lower court’s ruling in the U.S. Securities and Exchange Commission v. Big Apple Consulting USA Inc., MJMM Investments, LLC, Marc Jablon and Mark Kaley, case number 13-11976.
The appellate panel affirmed the district court’s ruling in its entirety.
[...]
The Eleventh Circuit’s ruling is important for the SEC and for stock promoters and investor relations firms. In recent years, the agency has stepped up enforcement actions against penny touts, and the Department of Justice has lent a hand with some critical criminal prosecutions. The appellate panel’s thoughtful analysis and conclusions reached in the Big Apple case makes clear that promoters cannot, among other things, hope to escape liability for clients’ blatant fraud by claiming they were unaware of it.
securitieslawyer101.com
Case: 13-11976 Date Filed: 04/09/2015
media.ca11.uscourts.gov |
