[email protected]
+1 (212) 754 9000

Tesser Ryan Blog

Federal District Court Awards Approximately $3 Million in Stock Manipulation Scheme

03 Nov 2011
0

By Lewis Tesser, Partner, and Timothy Nolen, Associate

A case out of the United States District Court for the Southern District of New York shows the danger of failing to respond to a complaint from the SEC. The case involved issues of business law, corporate law, civil procedure and default.

The case, Securities and Exchange Commission v. Lines, 2011 U.S. Dist. LEXIS 91354 (S.D.N.Y. August 16, 2011), involved an action brought by the SEC against defendants accused of stock manipulation. The defendants defaulted by failing to answer. Following the default, the Court ordered disgorgement of the defendants’ profits and civil penalties totaling almost $3 million.

At Tesser, Ryan & Rochman, LLP, we recognize the importance of responding in a thorough and timely fashion. Whether our clients are facing civil, administrative or even criminal action, our attorneys can advise clients how to respond to complaints or negotiate a resolution.

, , , , , , , , ,

About Post Author

mm

Lewis Tesser is a senior partner in the New York law firm of Tesser, Ryan & Rochman, LLP, concentrating his practice in litigation and mediation, representing licensed professionals and professional practices, administrative law and commercial law. Lew Tesser is Vice-President of the New York County Lawyers’ Association and Director of its Ethics Institute. Prior to private practice, Mr. Tesser was an Assistant United States Attorney in the Eastern District of New York. In that capacity, he represented various agencies of the United States government in litigation in the United States District Court and United States Court of Appeals. Mr. Tesser also served as a Judge Advocate in the United States Army where he prosecuted and defended criminal cases and was the chief legal advisor to the Commanding General of the U.S. Army War College, Carlisle, Pennsylvania. He also has served as an Arbitrator for the American Arbitration Association, New York City Civil Court, a Judge for the Environmental Control Board of the City of New York and a lecturer for various Bar Associations and New York area law schools. Mr. Tesser, who was admitted to practice in 1971, is a 1970 Honors graduate from the National Law Center, George Washington University, a Masters graduate from the Wharton Business School, University of Pennsylvania (l974) and a graduate of the Harvard Law School Program of Instruction for Lawyers. He is a past President of Congregation Sons of Israel, Nyack, NY. Publications and Speaking Engagements Editor-In-Chief, “The New York Rules of Professional Conduct Annotated”, Oxford University Press, New York, 2010. A complete list of Mr. Tesser’s speaking engagements and publications is available if you would like to learn more about Mr. Tesser’s work. Representative Cases In Re Zhang, 376 Fed. Appx. 104 (2d Cir. 2010) Continental Casualty Co. v. JBS Construct. Mgmt., 2010 U.S. Dist. LEXIS 85467 (S.D.N.Y. 2010)

Leave a Reply

Tesser, Ryan, & Rochman Blog

At Tesser, Ryan, & Rochman we are committed to keeping current, former, and future clients up to date. Here on our blog we will have news regarding our firm, as well as business analysis, various cases, case studies, and legal findings for the benefit of our clients.

All blog posts are for informational and advertising purposes only. Blog posts are not legal advice and do not form an attorney/client relationship.