PE Firm, Execs Can't Exit SEC Suit Over $17.8M Stock Scheme

Law360 (December 4, 2019, 4:02 PM EST) -- A Chicago private equity firm and its executives accused of acting as unregistered brokers and dealers must face the U.S. Securities Exchange Commission's lawsuit seeking to hold them liable over an alleged $17.8 million stock scheme, an Illinois federal judge said Wednesday.

It is "more than plausible" that River North Equity LLC meets the definition of a "dealer" under Section 15(a) of the Securities Exchange Act in light of allegations that it bought and sold over 10 billion shares of microcap stock and quickly resold them for a $31 million profit, U.S. District Judge Thomas Durkin said in a written order....

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