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SEC Trial Scorecard Update: SEC Prevails in Microcap Fraud Trial

Bruce Carton | August 13, 2014
In March, I began tracking here the SEC's trials to date in FY 2014 (which began on October 1, 2013), and the results in each case. On Friday, August 8, 2014, a jury in the U.S. District Court for the Middle District of Florida returned a verdict in favor of the SEC in what I believe to be the agency's 16th trial this year.
In the case, filed in 2010, the SEC alleged that Edward W.  Hayter orchestrated a pump-and-dump scheme involving the stock of BIH Corporation. The SEC claimed that Hayter drove up the price of BIH stock by disseminating false and misleading press releases and placing false information on BIH's website. After a four-day trial, the jury found in...
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