By Matthew Russell Lee, Patreon Maxwell Book
BBC-Guardian UK - Honduras - ESPN NY Mag
SDNY COURTHOUSE, May 6 – After a nearly two week jury trial, the Securities and Exchange Commission's case against Nomura trader James Im fell apart on May 6 with total exoneration by the jury. Inner City Press live tweeted it, thread here
defense lawyer in SEC v. James Im, 17-cv-3613, is saying that the fancy investment moves of his client were like teams using "special sauce" to make picks in the NFL draft...
May 6: In SEC v. Im case, jury has sent a note asking about about Element 2, materiality, and "page 11, 2d paragraph." Judge Oetken is soliciting proposed answers.
The lawyers for Im have asked for 10 minutes to come up with a proposed answer to jury's questions. Judge Oetken urges them to confer with the SEC lawyers too; grants the 10 minutes.
In SEC v. Im, another note. The jurors want to know if a finding of materiality is needed on both Claims 1 and 2, and how these are connected to Claims 3 and 4....
In SEC v. Im, jury has asked for a clean copy of the verdict form, saying notes were mistakenly taken on the one they have. They want a cross-examination transcript and state that they need to leave at 4:30 today. So - no verdict today? In any case?
Verdict 2 (of the day @SDNYLIVE ) is coming - in SEC v. Im, Judge Oetken says, we have a verdict. Bring out the jury.
Clerk: Did Mr. Im violate the law(s)? Foreperson: No. No. No - on all questions. Jury released after two week trial...
Previously: "Washington D.C., May 15, 2017 — The Securities and Exchange Commission today charged a pair of former head traders who ran the commercial mortgage-backed securities (CMBS) desk at Nomura Securities International Inc. with deliberately lying to customers in order to inflate the profits of the CMBS desk and line their own pockets as a result. The SEC alleges that James Im and Kee Chan each misrepresented price information while acting as intermediaries on trades with Nomura’s customers who sought to buy and sell CMBS on the secondary market. In certain instances, Im and Chan allegedly pretended they were still negotiating bond purchases with a third-party seller at higher prices when Nomura had already acquired the bonds at a lower price. The SEC alleges that in one instance, Im bragged about his purposeful deception of a customer, and Chan once altered an email to a customer to prop up his lie about the bid price for a bond. According to the SEC’s complaints, Chan and Im fraudulently generated more than $750,000 in extra trading profits for the CMBS desk, and they received substantial bonuses based largely on the desk’s performance. Chan agreed to settle the charges by paying $51,965 in disgorgement plus $11,758 in interest and a $150,000 penalty. Without admitting or denying the allegations, Chan also agreed to be barred from the securities industry with the right to reapply after three years. The settlement is subject to court approval. The case continues against Im."
Chan must regret it. The case is SEC v. Im,
17-cv-3613 (Oetken)
***
Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron.
