Investor Aims To Bar Revival Of $7.5M Fraud Action

Law360, New York (July 12, 2010, 5:39 PM EDT) -- A Canadian investor is seeking to restrain the U.S. Securities and Exchange Commission from re-litigating an administrative action to recover $7.5 million he allegedly earned through investor fraud, saying the agency's claims had already been rejected once.

Gordon Brent Pierce, manager of Newport Capital Corp., moved for a temporary restraining order in the U.S. District Court for the Northern District of California on Friday, the same day he sued the SEC seeking a declaration that the agency couldn't pursue the action.

Pierce, a Canadian citizen who...
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