Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

2016 SEC trial scorecard update: New Mexico verdict hands agency first loss

Bruce Carton | July 1, 2016

On Wednesday, the SEC suffered its first trial setback in its FY 2016 federal court trials. Following a trial in the U.S. District Court for the District of New Mexico, a jury reportedly found against the SEC and in favor of two former executives of Thornburg Mortgage (now known as TMST Inc.)on five counts and was unable to reach a verdict on five others.

In 2012, the SEC sued Thornburg’s CEO Larry A. Goldstone, CFO Clarence G. Simmons, III, and chief accounting officer Jane E. Starrett alleging fraudulent misrepresentations and omissions about Thornburg's financial condition, margin call activity, and liquidity. On June 1, 2016, Starrett settled the SEC's case against her, but Goldstone and Simmons took their cases to trial....

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.