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IS THE SEC ABOUT TO FREEZE YOUR CLIENT?S ASSETS? DETECTING AND PREVENTING TEMPORARY RESTRAINING ORDERS

By Michael MacPhail, Esq.

              Thus far in 2009, the SEC has filed an unprecedented number of emergency civil actions in which it sought temporary restraining orders (TROs) from U.S. District Courts around the country. Since these orders usually contain asset freeze provisions, they have draconian ?game over? consequences for defendants who find themselves unable to pay for their living expenses or fund their attorney fees.  This article discusses how to recognize when the SEC staff is contemplating a TRO and how to prevent it from pursuing this remedy.             TROs are appropriate where there is ongoing fraudulent conduct and investor funds are in danger of being transferred offshore or otherwise lost...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on March 18, 2009 (boomark / email).