This blog has been tracking the SEC's federal court trials going back to the beginning of FY 2014, and the results in each case. In the SEC's FY 2016 that ended September 30, 2016, its record in federal court trials was 4-1-1*. That is, in its six federal court trials, the SEC had four outright victories in which it won on all of its claims, one loss, and one mixed verdict in which it won on some claims and lost on others.

The SEC's FY 2016 record of 4-1-1 comes with an asterisk, the need for which was highlighted in a statement made last week by SEC Chair Mary Jo White. In a speech she made on Friday, November 18, 2016, Chair White asserted that the agency had "not lost a jury trial in federal district court in two and a half years." This statement appears to be inconsistent with the June 2016 loss noted above in SEC v. Goldstone, et al. In Goldstone, a federal jury in New Mexico found against the SEC and in favor of two former executives of Thornburg Mortgage on five counts, and was unable to reach a verdict on five others. However, in August 2016, the court in the Goldstone case granted the SEC's motion for a new trial (in February 2017) on the counts on which the jury was hung, so it appears that the agency is not ready to accept the loss in Goldstone just yet.

Overall, the SEC's six trials in FY 2016 were the same number that it had in FY 2015, when its record was 4-0-2. In FY 2014, the SEC posted a record of 5-7-5 in 17 trials.

The complete list of the SEC's FY 2016, FY 2015 and FY 2014 trials, and the outcomes in each case, is as follows:

FY 2016 Trials (Record: 4-1-1):

SEC v. National Note of Utah and Wayne L. Palmer:  VERDICT—FOR SEC (Dec. 2015)

SEC v. Bonan Huang, et al.: VERDICT—FOR SEC (Jan. 2016)

SEC v. Payton: VERDICT—FOR SEC (Feb. 2016)

SEC v. Ferrone, et al.: VERDICT—FOR SEC (April 2016) 

SEC v. Goldstone, et al.: VERDICT—FOR DEFENDANTS (June 2016)

SEC v. City of Miami, Florida and Michael Boudreaux: VERDICT—MIXED (September 2016)

FY 2015 Trials (Record: 4-0-2):

SEC v., Inc.:  VERDICT—FOR SEC (Oct. 2014)

SEC v. Kokesh: VERDICT—FOR  SEC (Nov. 2014)

SEC v. BankAtlantic Bancorp, Inc. and Alan B. Levan: VERDICT—MIXED (Dec. 2014)

SEC v. Heart Tronic: VERDICT—MIXED (March 2015)

SEC v. Levin: VERDICT—FOR SEC (April 2015)

SEC v. Morando Berrettini and Ralph Pirtle: VERDICT—FOR SEC (September 2015)

FY 2014 Trials (Record: 5-7-5):

SEC v. Cuban:  VERDICT—FOR DEFENDANT (Oct. 2013)

SEC v. AIC Inc.: VERDICT—FOR  SEC (Oct. 2013)

SEC v. True North Finance Corp.: VERDICT—FOR SEC (Oct. 2013)

SEC v. Kovzan: VERDICT—FOR DEFENDANT (December 2013)

SEC v. Jensen: VERDICT—FOR DEFENDANTS (December 2013)

SEC v. Schvacho: VERDICT— FOR DEFENDANT (January 2014)

SEC v. Yang: VERDICT—MIXED (January 2014)

SEC v. Steffes: VERDICT—FOR DEFENDANTS (January 2014)

SEC v. Life Partners: VERDICT—MIXED (Feb. 2014)

SEC v. DiGiorgio: VERDICT—FOR  SEC (Feb. 2014)

SEC v. Quan: VERDICT—MIXED (Feb. 2014)

SEC v. Jacobs: VERDICT—MIXED (March 2014)

SEC v. Wyly: VERDICT—MIXED (May 2014 and July 2014)


SEC v. Moshayedi: VERDICT—FOR DEFENDANTS (June 2014)

SEC v. Hayter: VERDICT—FOR  SEC (August 2014)

SEC v. Sage Advisory Group: VERDICT—FOR  SEC (August 2014)