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Spike in SEC Emergency Civil Actions

By Michael MacPhail, Esq.

            Since the first of the year, the SEC has already sought and obtained at least fourteen temporary restraining orders (TROs) in actions filed in U.S. District Courts nationwide, compared to only two such actions filed during the same period in 2008.  The threat of an emergency civil action presents defense counsel with significant challenges, which should be addressed proactively (discussed in one of my prior posts).               The spike in TROs may reflect an actual increase in ongoing fraud relating to the economic crisis, and a concurrent effort to protect the investing public.  As Warren Buffet has noted, ?it's only when the tide goes out that you learn who's been swimming naked...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on March 25, 2009 (boomark / email).