Wealth Management Exec's Claims Against SEC Nixed

Law360, New York (November 11, 2009, 1:11 PM EST) -- Ruling that federal law bars counterclaims in U.S. Securities and Exchange Commission enforcement actions, a judge has said a Wealth Management LLC executive accused of taking $2.5 million in kickbacks can't strike back against the agency.

Judge William C. Griesbach of the U.S. District Court for the Eastern District of Wisconsin granted on Monday the SEC's bid to dismiss James Putman's counterclaims that it had breached its fiduciary duties and that the receiver had made inappropriate billings.

Putman, majority owner and CEO of WM, filed the...
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Case Information

Case Title

United States Securities and Exchange Commission v. Wealth Management LLC et al


Case Number

1:09-cv-00506

Court

Wisconsin Eastern

Nature of Suit

Securities/Commodities

Judge

William C Griesbach

Date Filed

May 20, 2009

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