Federal Judge Rejects 11th Circuit’s Urging That Investment Company Be Punished
A senior judge on the U.S. District Court for the Northern District of Georgia has again dismissed a fraud case against an investment company, despite a strong suggestion from a federal appeals court that the company did wrong and deserved to be punished. Last year, an 11th Circuit panel reversed key parts of a 2005 decision by Judge Marvin Shoob, who had ruled that the SEC was wrong to close down Merchant Capital LLC of Tennessee, which the SEC claimed had defrauded investors of more than $20 million.
