SEC Suit Against Atty-Investor In Legal Receivables Trimmed

Law360, New York (August 17, 2017, 7:59 PM EDT) -- An administrative law judge on Wednesday trimmed a U.S. Securities and Exchange Commission complaint accusing a New Jersey attorney and his hedge fund of using investors' funds for risky investments in legal receivables, ruling that claims that they inflated the value of the investments "amount to nothing."

Administrative Law Judge Jason S. Patil backtracked on his previous refusal to toss the claims and, on reconsideration, handed a victory to Roni Dersovitz and his Cresskill-based hedge fund RD Legal Capital LLC in finding that the evidence the SEC's Division of Enforcement relied upon was insufficient, and in some cases, undermined its theory...

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