Fed. Sec. L. Rep. P 92,021 Securities and Exchange Commission v. Larry D. Blavin, D/B/A Providence Investment Advisory

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that the court possesses the equitable power to grant disgorgement of “a sum of money equal to all the illegal payments [ ] received”
• stating that “the Commission is not required to prove that any investor actually relied on the misrepresentations or that the misrepresentations caused any investor to lose money”
• holding that “a disclaimer that [an] investment advisor ‘may’ trade in recommended securities for its own account is itself a material misstatement” where “in fact” the adviser “invested in 25%, 10% and 10% of the publicly available stock of the companies he recommended”
• appointing a receiver i and ordering that the disgorged proceeds be distributed to the victims
• upholding district court’s finding that defendant acted recklessly, and therefore with requisite scienter, “by relying, without thorough investigation, upon the information that corporate representatives provided him”
• finding-that unregistered investment ad-visor’s “failure to disclose his substantial ownership of stock in the companies he was touting, and his intent to sell them soon after recommending that they be bought, was a material omission in violation of § 10(b).”

Source: CourtListener parenthetical corpus (CC0).