US Lacks Domain Over Offshore Investments: Convicted Adviser

Law360, New York (August 21, 2012, 9:07 PM EDT) -- U.S. criminal securities laws are not meant to apply to foreign securities, a lawyer for money manager Alberto Vilar told the Second Circuit on Tuesday in a push to overturn Vilar's conviction for a securities fraud that involved his company's Panamanian unit.

The U.S. Supreme Court decision in Morrison v. National Australia Bank Ltd., which said private investors cannot use the U.S. courts to complain about fraud in foreign securities transactions, should be applied to criminal law, lawyer Jane Simkin Smith said during oral arguments before...
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