Judge Rules For SEC In $10M Tecumseh Scheme

Law360, New York (December 23, 2009, 4:10 PM EST) -- A judge has granted summary judgment to the U.S. Securities and Exchange Commission on one count of its complaint against a founder of Tecumseh Holdings Corp., saying he should be on the hook for a scheme to sell unregistered securities.

In an order Tuesday Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York said the SEC had shown that John L. Milling violated Section 5 of the Securities Act, which prohibits issuers, underwriters and dealers from selling or offering...
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