SEC Suit Over $50M First Financial Scam Survives

Law360, New York (July 2, 2013, 9:12 PM EDT) -- The owner of First Financial Planning Corp. lost a bid to escape an SEC lawsuit accusing him of orchestrating a $50 million fraud on Monday, when a California federal judge rejected his argument that the land investments at issue didn't count as securities.

Attorneys for First Financial owner Louis Schooler had asked U.S. District Judge Gonzalo Curiel to throw out the suit because the interests Schooler allegedly sold to investors without disclosing material facts were not securities and the SEC therefore had no statutory authority to...
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