SEC Played "Fast and Loose" With Facts: Judge

Law360, New York (October 3, 2006, 12:00 AM EDT) -- As civil insider-trading charges against a financial adviser and its client were dismissed, a federal judge in Wisconsin accused attorneys with the U.S. Securities and Exchange Commission of “playing fast and loose” with the facts and misquoting testimony.

Citing numerous instances of questionable litigating by the SEC, Judge Charles N. Clevert, Jr. dismissed the agency’s charges against Heartland Advisors and its president, William J. Nasgovitz, which were filed in December 2003.

The judge said the SEC’s pattern of misquoting an opponent and misrepresenting facts and law...
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