Relevant Rulings Precedent
THE CASE OF NEW TIMES SECURITIES SERVICES, INC.
Click on the links below for relevant court documents:
US Bankruptcy Court Filing - July 2000
US Court of Appeals Ruling - Docket No. 02-6166 - June 2004
US Court of Appeals Ruling - Docket No. 05-5527-bk - September 2006 Bayou Accredited Fund, LLC v. Redwood Growth Partners, L.P., 396 B.R. 810 Bayou Superfund, LLC v. WAM Long/Short Fund II, L.P., 362 B.R. 624
BAYOU CASE
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I having been a victim of securities fraud have found that the perception of victims in this area are not treated as victims of any other crimes.It seems to me that there is an element of protection as if the victim should be treated with less sympathy or rights of compensation by the industry. The industry has not been held to the laws of the Securities acts of 1933 and 1934, where it clearly states that there is “No longer a phylosophy caveat emptor but full disclosure” which just means “NO LYING”. This I think makes the brokerage companies liable for every fraud and there should be no argument as to they compensating victims for years of trust which cannot be replaced they are lost forever. Thank you Richard Lopardo
How about pushing for quick legislation to overrule the stupid reasoning of the New Times case ? Investor’s “reasonable expectations” have to include the securityies they thought they had as shown by the last Madoff account statements-particularly after the SEC had reviewed the Madoff brokerage many times and found nothing wrong. Relying upon the SEC to assure the legitimacy of the transactions has to be reasonable expectations ,at least until this fiasco proved otherwise. It is a disgrace that the Congress has not already acted to fix this stupid interpretation and that the SEC hasn’t pushed for it, given the negligence.