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SEC settles case vs. Charlotte investment adviser
Securities |
2008/02/22 08:16
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| The Securities and Exchange Commission has settled its civil case against Vincent Lenarcic Jr., a Charlottean accused of investment-adviser fraud. Lenarcic has been ordered to pay $808,274 in restitution, but that payment will be deemed satisfied if Lenarcic pays restitution in a parallel criminal case. Lenarcic consented to the order without admitting or denying any of the allegations of the SEC's complaint. The SEC contended Lenarcic committed securities and investment-adviser fraud in connection with the sale of securities held by Fundamental Growth Investors. The complaint alleged that from June 2000 to December 2003, Lenarcic misappropriated at least $807,000 by selling securities in Fundamental Growth's account and misappropriating the proceeds. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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