Articles Posted in Securities Law

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The Securities Administrator of the Office of Securities revoked the securities licenses of North Atlantic Securities, LLC, a licensed broker-dealer, Michael J. Dell’Olio & Associates, a licensed investment adviser, and Michael Dell’Olio. Dell’Olio was an investment advisor representative of Michael J. Dell’Olio, an agent of North Atlantic, and an owner exercising control in both firms. The revocations resulted from transactions through which Dell’Olio, his son, and the two entities under Dell’Olio’s control received over $200,000 in loans from Dell’Olio’s mother-in-law, most of which were not repaid. The business and consumer docket affirmed the revocation of Appellants’ securities licenses. The Supreme Court affirmed, holding (1) the charges arising from transactions that occurred in 2006 were not time-barred; (2) the administrative record supported the Administrator’s factual findings; (3) the Administrator’s decision was not affected by structural or actual bias; and (4) despite the severity of the penalty imposed, the Administrator did not abuse her discretion in revoking the licenses. View "N. Atlantic Secs., LLC v. Office of Secs." on Justia Law

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After a jury trial, Defendant was convicted of theft by misapplication of property and securities fraud. Defendant appealed, contending that the court's jury instructions impermissibly shifted the burden of proof onto him to prove his innocence. The Supreme Court affirmed, holding that the burden of proof was not improperly shifted onto Defendant to prove his innocence where (1) there was no obvious error in the instructions the trial court gave because, as a whole, the instructions correctly stated the law; and (2) the court correctly stated the State's burden of proof and Defendant's presumption of innocence several times during the jury selection, at the beginning of the trial, in its final instructions, and in its written instructions sent to the jury room. View "State v. Philbrook" on Justia Law