Lancer Exec Says High Court Ruling Bars $200M Case

Law360, New York (December 15, 2010, 6:08 PM EST) -- Lancer Group insider Martin Garvey, accused of helping swindle investors out of $200 million, has asked a federal judge to throw out his indictment in light of a new U.S. Supreme Court precedent limiting some securities laws to U.S. transactions.

Prosecutors never alleged that the share-purchase transactions Garvey helped oversee were made in the U.S. or involved securities listed on domestic exchanges, Garvey said in a dismissal motion filed Tuesday in the U.S. District Court for the Southern District of Florida.

The Supreme Court ruled in...
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