SEC v. DiBella, No. 08-1673

In an action by the SEC seeking civil penalties for securities fraud, judgment for plaintiff is affirmed where: 1) the district court did not abuse its discretion in concluding that, at the time of the transaction at issue, the government official whose fraud defendants allegedly abetted was a fiduciary with respect to the transaction; 2) the district court did not abuse its discretion in determining that the fee paid to one defendant as part of that transaction was material; and 3) there was substantial evidence that defendant knowingly aided and abetted the official in violating section 10(b) of the Securities Exchange Act and Rule 10b-5.

Read SEC v. DiBella, No. 08-1673

Appellate Information

Argued: May 14, 2009

Decided: November 25, 2009

Judges

Opinion by Judge Wesley

Counsel

For Appellants:

James A. Wade, William J. Kelleher, III, Thomas J. Donlon, Robinson & Cole LLP, Stamford, CT

For Appellee:

Luis De La Torre, Jacob H. Stillman, Securities and Exchange Commission, Washington, DC