(Download) "Securities and Exchange Commission v. Sal" by United States Court of Appeals for the Second Circuit # eBook PDF Kindle ePub Free
eBook details
- Title: Securities and Exchange Commission v. Sal
- Author : United States Court of Appeals for the Second Circuit
- Release Date : January 03, 1990
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 85 KB
Description
This is an appeal by two securities purchasers from a preliminary injunction obtained by the Securities and Exchange Commission in a case of alleged insider trading. This case is unusual in that, as the Commission acknowledged at oral argument, it is the first insider trading case in which the Commission has sought relief against alleged tippees before identifying the alleged tipper. Unifund SAL ("Unifund") and Tamanaco Saudi & Gulf Investment Group ("Tamanaco") appeal, respectively, from the March 1 and February 14, 1990, orders of the District Court for the Southern District of New York (Shirley Wohl Kram, Judge) granting a preliminary injunction at the request of the Commission. The injunction (a) prohibits violation of section 10(b) of the Securities and Exchange Act, 15 U.S.C. § 78j(b) (1988), and rule 10b-5, 17 C.F.R. § 240.10b-5 (1989), (b) freezes appellants accounts, subject to trading approved by the Commission, and (c) bars disposal or alteration of appellants books and records. Appellants challenge the injunction for lack of personal jurisdiction, improper service, improper procedure in conducting the injunction hearing, and insufficient evidence to warrant any relief. We affirm, with modifications, the injunction to the extent that it freezes accounts and preserves records, and vacate the prohibition on future violations as insufficiently supported.