DC Circ. Remands SEC's Starnet Fraud Claims

Law360, New York (June 24, 2009, 12:00 AM EDT) -- Two former executives of Starnet Communications International Inc. have partially prevailed in an appeals court challenge to a ruling by the U.S. Securities and Exchange Commission over a scheme to sell unregistered stock in the Canadian gaming company.

In a majority opinion on Tuesday, the U.S. Court of Appeals for the District of Columbia remanded the SEC's ruling that Starnet officers John Carley and Christopher Zacharias violated the anti-fraud and reporting provisions of the securities laws by failing to properly disclose the scheme in the company's...
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