Legal Opinion
U.S. Securities and Exchange v. Topwater Exclusive Fund III
Court of Appeals for the Eighth Circuit
Decided August 30, 2017No. 16-1072PublishedCited by 7 opinions
1Opinion of the Court
KELLY, Circuit Judge.
This is the second appeal in an enforcement action brought by the Securities and Exchange Commission (SEC) against Marlon Quan and entities he controlled, including the hedge fund Stewardship Credit Arbitrage Fund, LLC (SCAF). 1 SCAF was heavily invested in loans to entities controlled by Thomas Petters. Those investments suffered catastrophic losses when the Ponzi scheme supporting Petters’ businesses collapsed.
In the first appeal, SEC v. Quan, 817 F.3d 583 (8th Cir. 2016), we affirmed a jury verdict against Quan and certain entities he controlled—but not SCAF—for…
2Cases cited17 opinions
- Janus Capital Group, Inc. v. First Derivative TradersSupreme Court of the United States · 2011
- Braxton v. United StatesSupreme Court of the United States · 1991
- In Re Bernard L. Madoff Investment Securities LLCCourt of Appeals for the Second Circuit · 2011
- Securities & Exchange Commission v. Loving Spirit Foundation Inc.Court of Appeals for the D.C. Circuit · 2004
- Stanley Joseph v. Kenneth AllenCourt of Appeals for the Eighth Circuit · 2013
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3Cited by7 opinions
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- Securities and Exchange Commission v. Blackbird Capital PartnersDistrict Court, D. Utah · 2020
- Securities and Exchange Commission v. FaulknerDistrict Court, N.D. Texas · 2020
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