Legal Opinion
Oklahoma Department of Securities ex rel. Faught v. Blair
Supreme Court of Oklahoma
Decided February 23, 2010No. Nos. 104,004, 104,161, 104,262, 105,682PublishedCited by 10 opinions
1Opinion of the CourtEdmondson, C.J.
1 The first-impression principal issue in these appellate proceedings is whether an action may be maintained under the Oklahoma Uniform Securities Act against innocent victims of a Ponzi scheme to force them to pay to the Department of Securities those amounts they received from the Ponzi scheme which are in excess of their investments in that scheme. We hold that the Department may proceed against the innocent investors to recover unreasonable profits received in excess of their investments in the Ponzi scheme. We hold that a court-appointed receiver of a Ponzi-scheme operator may also…
2Cases cited99 opinions
- Tellabs, Inc. v. Makor Issues & Rights, Ltd.Supreme Court of the United States · 2007
- Porter v. Warner Holding Co.Supreme Court of the United States · 1946
- Occidental Life Insurance v. Equal Employment Opportunity CommissionSupreme Court of the United States · 1977
- Mitchell v. Robert DeMario Jewelry, Inc.Supreme Court of the United States · 1960
- Cunningham v. BrownSupreme Court of the United States · 1924
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3Cited by10 opinions
- Hitch Enterprises, Inc. v. Cimarex Energy Co.District Court, W.D. Oklahoma · 2012
- Oklahoma Department of Securities ex rel. Faught v. WilcoxSupreme Court of Oklahoma · 2011
- Oklahoma Department of Securities Ex Rel. Faught v. WilcoxCourt of Appeals for the Tenth Circuit · 2012
- DEPT. OF SECURITIES EX REL. FAUGHT v. BlairSupreme Court of Oklahoma · 2010
- Ashmore ex rel. Wilson v. DoddsDistrict Court, D. South Carolina · 2017
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