SEC Says It Can Bring Suit Over Falcone's 'Spiteful' Trades

Law360, New York (February 28, 2013, 7:19 PM EST) -- The U.S. Securities and Exchange Commission can sue Philip Falcone over market activity allegedly designed to spite Goldman Sachs Group Inc. even if the hedge fund founder lost money on them, a commission lawyer told a New York federal judge Thursday.

The SEC has the right to bring suit over market manipulation even when the alleged fraudster loses money and even if the reasons for the market manipulation were spite and anger, not profit, commission lawyer David J. Gottesman told U.S. District Judge Paul Crotty at...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Securities and Exchange Commission v. Falcone et al


Case Number

1:12-cv-05027

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Paul A. Crotty

Date Filed

June 27, 2012


Case Title

Securities and Exchange Commission v. Harbinger Capital Partners LLC et al


Case Number

1:12-cv-05028

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Paul A. Crotty

Date Filed

June 27, 2012

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.