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Full-Text Articles in Securities Law
Protecting Whistleblowing (And Not Just Whistleblowers), Evan J. Ballan
Protecting Whistleblowing (And Not Just Whistleblowers), Evan J. Ballan
Michigan Law Review
When the government contracts with private parties, the risk of fraud runs high. Fraud against the government hurts everyone: taxpayer money is wasted on inferior or nonexistent products and services, and the public bears the burdens attendant to those inadequate goods. To combat fraud, Congress has developed several statutory frameworks to encourage whistleblowers to come forward and report wrongdoing in exchange for a monetary reward. The federal False Claims Act allows whistleblowers to file an action in federal court on behalf of the United States, and to share in any recovery. Under the Dodd- Frank Act, the SEC Office of …
Private Causes Of Action Under Section 206 Of The Investment Advisers Act, Michigan Law Review
Private Causes Of Action Under Section 206 Of The Investment Advisers Act, Michigan Law Review
Michigan Law Review
This Note examines the propriety of implying a cause of action for damages under section 206. Upon concluding that such an implication is appropriate, it then suggests a scope for section 206 actions that implements the Act's underlying purposes.
Securities Legislation - Limitations Upon The Scope Of Rule X-10b-5, Cyril Moscow
Securities Legislation - Limitations Upon The Scope Of Rule X-10b-5, Cyril Moscow
Michigan Law Review
A syndicate attempted to acquire all of the outstanding stock in a bridge corporation pursuant to a plan to transfer the stock to a bridge commission and realize substantial returns. The price offered for the stock was well over the market price but the resale plan was not disclosed. After control of 80 percent of the stock was obtained, the syndicate's purchasing agents were installed as officers and directors. They continued to purchase the stock without revealing the plan and the anticipated profits. Upon the completion of the plan, former stockholders in the corporation brought a class action against the …
Securities Legislation - Fraud Of Corporation Officers As Violation Of Securities And Exchange Act Of 1934, Douglas Peck S.Ed.
Securities Legislation - Fraud Of Corporation Officers As Violation Of Securities And Exchange Act Of 1934, Douglas Peck S.Ed.
Michigan Law Review
The plaintiffs brought a stockholders' derivative suit in a federal district court, claiming that defendant directors had violated section 10 (b) of the Securities and Exchange Act of 1934 and rule X-10B-5 of the Securities and Exchange Commission. It was alleged that defendants who controlled as majority of the capital stock of the Algoma Coal and Coke Co., had purchased for the Algoma Company stock in two other corporations which they had formed and had manipulated the affairs of the Algoma Company so that business profits were diverted to those other corporations, thereby securing profits to themselves at the expense …
The Securities Act Of 1933, Laylin K. James
The Securities Act Of 1933, Laylin K. James
Michigan Law Review
In 1907 a Pennsylvania superior court stated in one of its opinions that, "'there is no reason why a man should not be a fool.' As a corollary to that saying, it may be added that there is no reason why a court should protect a fool against the result of his folly. No new feature of rapacity in the buyer is apparent in this instance [ the purchase of property worth $ 5,000 prospectively for $ 500] to make him a worse offender against the law of fair dealing than an army of Shy locks who have preceded him. …
The Ohio "Blue Sky" Cases, Clarence D. Laylin
The Ohio "Blue Sky" Cases, Clarence D. Laylin
Michigan Law Review
The ancient notion that private fraud lies beyond the domain of public law did not long survive the statements of it that have been quoted.' Our legislation, expressing always the changing moral standards of the people, has directed the sanctions of the criminal law, step by step, ever against new forms of overreaching and imposition. Numerous illustrations might be cited to show the growing repugnance of the public mind toward frauds and cheats, and the tendency to recognize them as offenses invoking the restraint of public action as well as the redress of private injuries.