United States Ninth Circuit

In an SEC enforcement action arising from the activities of a company described as a "sham incubator for startup companies", summary judgment ruling against defendant is affirmed in part and reversed and remanded in part where: 1) the district court correctly found that defendant was an underwriter under section 2(11) of the Securities Act of 1933, and therefore not exempt from the the Act's registration requirements; 2) it did not err in ordering that defendant disgorge all profits, with interest, he obtained from certain transactions; but 3) genuine issues of material fact precluded summary judgment as to the imposition of certain civil sanctions.

Appellate Information

• Argued 11/06/2007
• Decided 08/12/2008
• Published 08/12/2008

Judges

• Before:  SIDNEY R. THOMAS, RICHARD C. TALLMAN, and SANDRA S. IKUTA, Circuit Judges.

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Irving M. Einhorn and Patricia G. Bell, Law Offices of Irving M. Einhorn, for the appellant.


• For Appellees:
  
• Brian G. Cartwright, General Counsel, Jacob H. Stillman, Solicitor, Hope Hall Augustini, Senior Litigation Counsel, Tracey A. Hardin, Senior Counsel, Securities and Exchange Commission, for the appellee.