United States Second Circuit

In an action by the SEC seeking civil penalties for securities fraud, judgment for plaintiff is affirmed where: 1) the district court did not abuse its discretion in concluding that, at the time of the transaction at issue, the government official whose fraud defendants allegedly abetted was a fiduciary with respect to the transaction; 2) the district court did not abuse its discretion in determining that the fee paid to one defendant as part of that transaction was material; and 3) there was substantial evidence that defendant knowingly aided and abetted the official in violating section 10(b) of the Securities Exchange Act and Rule 10b-5.

Appellate Information

• Decided 11/25/2009
• Published 11/25/2009

Judges

• Before:  MINER, WESLEY, Circuit Judges, and STANCEU, Judge.

Court

• United States Second Circuit

Counsel

• For Appellees:
  
• James A. Wade, (William J. Kelleher, III, Thomas J. Donlon, on the brief), Robinson & Cole LLP, Stamford, CT, for Defendants-Appellants., Luis de la Torre, Senior Litigation Counsel (Jacob H. Stillman, Solicitor, on the brief), for Andrew N. Vollmer, Acting General Counsel, Securities and Exchange Commission, Washington, DC, for Plaintiff-Appellee.