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eBook details

• Title: United States v. Marseille
• Author : In the United States Court of Appeals for the Eleventh Circuit
• Release Date : January 21, 2004
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 62 KB

Description

This action was brought in the district court by the Securities and Exchange Commission ("SEC") against Diversified Corporate Consulting Group, L.C. ("Diversified"), Joseph Radcliffe, William A. Calvo III, and Jerome Rosen. The SECs four-count complaint alleged that these defendants sold unregistered securities-shares of common stock of Systems of Excellence, Inc. ("SOE")-in violation of §§ 5(a) and (c) of the Securities Act of 1933, 15 U.S.C. §§ 77e(a) and 77e(c), and manipulated the market for SOE common stock in violation of § 17(a) the 1933 Act, 15 U.S.C. § 77q(a), § 10(b) of the Exchange Act, 15 U.S.C. § 78j(b), and Rule 10b-5, 17 C.F.R. 240.10b-5. The defendants answered the complaint, asserted affirmative defenses not relevant here, and denied liability. After the parties engaged in discovery, Radcliffe and the SEC reached a settlement and agreed to the entry of a consent decree. Thereafter, the SEC moved for summary judgment on its Count Two claims against Diversified and Calvo for selling unregistered shares of SOE stock. The court found that the two defendants had made such sales and granted SECs motion on the issue of liability. It deferred ruling on the profits the defendants should be required to disgorge and the civil penalties they should be required to pay and instructed the parties to come to an agreement on how those remedies issues should be handled. The parties agreed that the court should entertain the remedies issues following the jury trial on Counts Three and Four.

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