SEC Follows Feds In Dropping Fraud Case Against PE CEO

By William Gorta (September 1, 2017, 2:42 PM EDT) -- The U.S Securities and Exchange Commission on Friday dropped its civil securities fraud suit against private equity CEO Benjamin Wey, saying its case was scuttled because evidence gathered in a parallel criminal case had been suppressed and could not be introduced in the civil case.

The SEC voluntarily dismissed without prejudice its action in New York federal court against Wey, his wife Michaela, his company New York Global Group along with attorney Robert Newman of Newman & Morrison LLP, but noted it intended to pursue its clams against other defendants.

Federal prosecutors in August abandoned their capsized prosecution of Wey after...

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