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April 1, 2020Joseph T. McClure
A New Trend in Securities Fraud: Punishing People Who Do Bad Things
This article seeks to articulate a distinct view of federal securities law as it is increasingly used in non-traditional enforcement actions commenced to punish corporate bad behavior. This paper argues that these non-traditional enforcement mechanisms should be viewed with skepticism. This skepticism should not be misinterpreted as cynicism, as the author believes that these non-traditional enforcement actions are beneficial vehicles to accomplish the admirable governmental objective of “punishing people who do bad things.” However, the author recognizes that such use of securities law does not fall into a category of clearly defined criminal law and carries a significant risk of abuse. The author also recognizes the “admirable governmental objective” may be thwarted when it comes to private companies. Finally, the author is uneasy with the societal values conveyed when the government sanctions corporate misbehavior in the name of protecting shareholders from deception.
November 8, 2024Ekaterina G. Long
Ponzi Scheme Civil Litigation: Avenues of Relief and Defenses
This article considers aspects of federal civil litigation and bankruptcy proceedings that ensue as a Ponzi scheme is unraveled. Financial institutions that find themselves involved with Ponzi scheme operators are often sued as defendants because they may be the only actors with assets to go after. The likely claims and defenses and the relevant case law are discussed.