Clock Runs Out For Brookstreet CEO In SEC Fraud Suit

Law360, New York (February 23, 2012, 12:11 PM EST) -- Citing a "pattern of delay" by Brookstreet Securities Corp. and CEO Stanley C. Brooks, a California federal judge granted summary judgment to securities regulators Wednesday, telling them to tee up maximum penalties against the defendants for selling $300 million in toxic collateralized mortgage obligations.

U.S. District Judge David O. Carter directed the U.S. Securities and Exchange Commission to file a proposed final judgment by Feb. 27 against Brooks, who asked five times to extend the proceedings over the life of the complaint.

"Defendants have repeatedly sought to...
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Case Information

Case Title

Securities and Exchange Commission v. Brookstreet Securities Corp et al

Case Number



California Central

Nature of Suit



David O. Carter

Date Filed

December 8, 2009

Government Agencies

UK Financial Services

UK Financial Services

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