Universal Express Traders Liable For $34M Scheme: Judge

Law360, New York (August 17, 2011, 3:18 PM EDT) -- A New York federal judge ruled Wednesday that three men and their investment businesses were liable in a U.S. Securities and Exchange Commission suit alleging an illegal $34 million scheme to profit from shares in defunct shipping company Universal Express Inc.

Saying the agency adequately alleged "essentially a pump-and-dump scheme," U.S. District Judge Richard J. Holwell found all three defendants liable but doled out different fates for each man and his company.

Judge Holwell granted the SEC's motion for summary judgment against defendant Doyle Scott Elliott...
To view the full article, register now.




Case Information

Case Title

Securities and Exchange Commission v. Elliott et al

Case Number



New York Southern

Nature of Suit



Katherine B. Forrest

Date Filed

September 1, 2009

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.