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The Securities And Exchange Commission Filed A Complaint In The United States District Court
The Securities and Exchange Commission filed a complaint in the United States District Court for the District of Vermont, on June 30, 2005, seeking a permanent injunction against Terry's Tips, Inc., a Vermont corportation and Terry F. Allen for violations of the antifraud provisions of the Securities Exchange Ac of 1934 and the Investment Advisers Act related to their operation of "autotrading" programs. The complaint alleges that Terry's Tips and Allen have had more than 1200 clients who have invested through its autotrading programs. The complaint also alleges that Terry's Tips and Allen published performance projections in which they stated subscribers could expect annualized returns of 100% by following Allen's trading strategies, while at the same time portfolios following these strategies were actually experiencing substantial losses.The complaint seeks permanent injunctive relief, disgorgement of illegal profits with prejudgment interest and civil monetary penalties based on alleged violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and violations of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The Commission would like to acknowledge the assistance of the State of Vermont Department of Banking, Insurance, Securities and Health Care Administration.
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Definition:
A chief judge is appointed by seniority and has primary responsibility over the administration of the court and decides cases at the same time.
En-banc
Definition:
Court sessions with the whole membership present rather than the usual quorum is called en banc or ?full bench?. U.S. courts of appeals participate in panels of three judges and are then said to be sitting en banc.
Bench trial
Definition:
A bench trial is a trial by a judge without the jury.
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