Legal Opinion
United States Securities & Exchange Commission v. Benger
District Court, N.D. Illinois
Decided March 21, 2013No. 09 C 676PublishedCited by 5 opinions
1Opinion of the Court
MEMORANDUM OPINION AND ORDER
JEFFREY COLE, United States Magistrate Judge.
The Securities Exchange Commission (“SEC”) has charged the defendants with having engaged in an international boiler room scheme targeting some 1400 foreign investors. The alleged scheme took in approximately $44 million primarily through the sale of penny stock. Of the proceeds, the defendants skimmed 60% as purported commissions for themselves and the foreign boiler room operators who answered to them. The stock companies in which the investors were investing realized less than 40% of the proceeds.
The SEC alleges that…
2Cases cited17 opinions
- Ashcroft v. IqbalSupreme Court of the United States · 2009
- Bell Atlantic Corp. v. TwomblySupreme Court of the United States · 2007
- Central Bank of Denver, N. A. v. First Interstate Bank of Denver, N. A.Supreme Court of the United States · 1994
- Tamayo v. BlagojevichCourt of Appeals for the Seventh Circuit · 2008
- Lentell v. Merrill Lynch & Co.Court of Appeals for the Second Circuit · 2005
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3Cited by5 opinions
- Securities & Exchange Commission v. GoldstoneDistrict Court, D. New Mexico · 2013
- United States Securities & Exchange Commission v. UstianDistrict Court, N.D. Illinois · 2017
- IN RE CELGENE CORPORATION, INC. SECURITIES LITIGATIONDistrict Court, D. New Jersey · 2024
- Securities and Exchange Commission v. BakerDistrict Court, N.D. Texas · 2023
- Securities and Exchange Commission v. JacobyDistrict Court, D. Maryland · 2021