DC Circ. Nixes Judgment Against Ex-PurchasePro VP

Law360, New York (June 28, 2011, 3:32 PM EDT) -- The D.C. Circuit on Tuesday dismissed a $35,000 civil judgment against a former PurchasePro.com Inc. executive after determining he was wrongly tried in a district court for allegedly participating in the defunct software company's securities fraud scheme.

A three-judge appeals panel said the U.S. Securities and Exchange Commission failed to allege that Christopher Benyo committed any illegal acts in Washington, finding little merit to the agency's argument that the venue was proper because Benyo was "in league with a defendant" who committed securities fraud in the...
To view the full article, register now.