High Court Should Hold Securities Fraudsters Accountable
By Stephen Hall (November 30, 2018, 1:57 PM EST) -- Consider the following scenario: An investment banker circulates multiple emails to investors knowing that they contain three outright lies: (1) that the company seeking funds "has over $10 million in confirmed assets;" (2) that the company "has purchase orders and letters of intent for over $43 million"; and (3) that the investment banking firm "has agreed to raise additional monies to repay" investors. The investment banker is aware not only that these representations are false, but also that in fact, the company's technology "didn't really work" and that the company's financial condition was "horrible." Although the text of the email was drafted by his boss, the investment banker willingly signs the emails in his own name as "vice president" and director of investment banking and sends them out. He even includes his personal phone number along with an invitation that investors call him if they have any questions....
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