Law360, New York (November 08, 2011, 5:59 PM ET) -- Television infomercial personalities Linda Woolf and David Gengler lost a bid Tuesday to dodge the U.S. Securities and Exchange Commission's suit in Virginia federal court alleging they made millions using false and misleading statements to sell a get-rich-quick stock trading system.
U.S. District Judge Gerald B. Lee denied the defendants' motion to dismiss the SEC's securities fraud claim but granted their bid to dismiss as to its alter-ego theory, giving the agency leave to file an amended complaint.
Woolf and Gengler had argued that the SEC...
Infomercial Hosts Can't Dodge SEC's Fraud Suit
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