white-collar defense, Securities, wire fraud, Federal Fraud laws Eric Rosen white-collar defense, Securities, wire fraud, Federal Fraud laws Eric Rosen

US v. Milheiser - 9th Circuit Wire Fraud Decision

The 9th Circuit last week released its opinion in United States v. Milheiser, 16-CR-00076, in which the Court overturned six convictions of defendants who had been convicted of mail fraud and conspiracy to commit mail fraud arising from the defendants’ sales companies’ aggressive tactics in selling printer toner. The 9th Circuit adopted the “benefit of the bargain” theory of wire fraud, under which individuals cannot be convicted of wire fraud if the alleged victims received the “benefit of the bargain,” even if they were induced to make a purchase through misrepresentations.

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Securities, white-collar defense, SEC, Federal Fraud laws Constantine Economides Securities, white-collar defense, SEC, Federal Fraud laws Constantine Economides

Materiality Standards: Comparing SEC and Federal Fraud Laws

Prosecutors frequently argue that 18 USC 1348 (Title 18 securities fraud) has a lower materiality standard than Title 15 securities fraud (10b-5). This blog post argues that there is little reason for courts to impose a lower materiality standard for the same conduct.

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