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SEC - Opposition to Stoker summary judgment motion

SEC - Opposition to Stoker summary judgment motion

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Published by George Conk
SEC memorandum of law in opposition to Brian Stoker's summary judgment motion
SEC memorandum of law in opposition to Brian Stoker's summary judgment motion

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Published by: George Conk on Aug 01, 2012
Copyright:Attribution Non-commercial

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12/10/2013

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UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORK  ________________________________________________ :SECURITIES AND EXCHANGE COMMISSION,::Plaintiff,:: 11 Civ. 07388 (JSR)v.:: ECF CaseBRIAN H. STOKER,::Defendant.: ________________________________________________:
PLAINTIFF’S MEMORANDUM OF LAW IN OPPOSITION TO DEFENDANTBRIAN H. STOKER’S MOTION FOR SUMMARY JUDGMENT
Jeffery T. InfeliseAssistant Chief Litigation CounselJane M. E. PetersonAssistant Chief Litigation CounselAndrew Feller Senior AttorneyU.S. Securities and ExchangeCommission –Enforcement Division100 F Street, N.E.Washington, D.C.20549(202) 551-4904(202) 772-9282 (fax)May 23, 2012Attorneys for PlaintifU.S. Securities and Exchange Commission
Case 1:11-cv-07388-JSR Document 48 Filed 05/23/12 Page 1 of 35
 
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TABLE OF CONTENTS
TABLE OF AUTHORITIES.............................................................................................iiiPRELIMINARY STATEMENT.........................................................................................1STATEMENT OF FACTS..................................................................................................2I. Structuring The Class V III CDO.........................................................................2II. Marketing of Class V III.....................................................................................7III. Closing of Class V III CDO...............................................................................9ARGUMENT.....................................................................................................................11I. Standard For Consideration Of Motion For Summary Judgment......................11II. The Evidence Is Legally Sufficient To Prove That Stoker Violated Section17(a)(2)............................................................................................................12A. Janus Does Not Apply To Section 17(a)(2)..........................................12B. Stoker Obtained Money OrProperty By Means Of A False Statement141. Stoker Participated In The Preparation Of Marketing Materials142. Stoker “Used” Misleading Statements To Obtain Money or Property.....................................................................................16C. The Class V III Marketing Materials Contained Material Omissions..16D. StokerObtainedMoney Or Property As Required By Section17(a)(2)191. Stoker DeprivedVictims Of Money Or Property......................192. Stoker Obtained Money or Property..........................................20III. Stoker Participated in a Scheme Under Section 17(a)(3)................................23A. A Violation Of Section 17(a)(3) May Be Based On MisrepresentationsOr Omissions.........................................................................................23B. Class V III Was Intended As A Means For Citigroup To Profit FromThe Poor Performance of Class V III’s Assets......................................24
Case 1:11-cv-07388-JSR Document 48 Filed 05/23/12 Page 2 of 35
 
iiC. Stoker Was A Key Participant In A Transaction He Knew Or Reasonably Should Have Known Was Intended As A ProprietaryTrade......................................................................................................26CONCLUSION..................................................................................................................27
Case 1:11-cv-07388-JSR Document 48 Filed 05/23/12 Page 3 of 35

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