Does The United States Securities Laws Protect For

Does the United States Securities Laws Protect Foreign Investors? | Russell L. Forkey, P.A. | Florida
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Federal and Florida Securities Fraud and Misrepresentation Litigation Attorney, Russell L. Forkey, Esq.
Oil investment defendant seeks dismissal of SEC suit, contends feds lack jurisdiction
Attorneys for a Florida man accused of masterminding a $25 million oil-well investment fraud that preyed on overseas investors have asked federal Judge Sam Cummings to dismiss a lawsuit.
Attorneys for a Florida man accused of masterminding a $25 million oil-well investment fraud that preyed on overseasinvestors have asked federal Judge Sam Cummings to dismiss a lawsuit filed just more than a year ago by the Securities and Exchange Commission.
Attorneys for Justin Solomon filed a motion late Tuesday in U.S. District Court in Lubbock arguing the judge should throw out the case, based on a U.S. Supreme Court decision sharply restricting the SEC's reach in overseas securities disputes where activities within the United States may have played a minor role in the alleged fraudulent activities.
Additionally, Solomon's lawyers say, even if the alleged frauds - which involved boiler room sales operations in Costa Rica and Thailand - occurred, the SEC's original complaint fails to show Solomon ever made any misleading or fraudulent statements.
SEC spokeswoma...