{"id":5752,"date":"2015-01-23T00:00:00","date_gmt":"2015-01-23T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/01\/former_canadian_brokers_securi"},"modified":"2022-03-11T13:41:06","modified_gmt":"2022-03-11T19:41:06","slug":"former-canadian-brokers-securi","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-canadian-brokers-securi\/","title":{"rendered":"Former Canadian Broker\u2019s Securities Fraud Conviction Involving U.S. Transactions is Upheld"},"content":{"rendered":"\n

The United States Court of Appeals for the Third Circuit has upheld the securities fraud <\/a>conviction of George Georgiou. The ex-Canadian broker was convicted of U.S. stock manipulation involving brokerage accounts in his native country and international locations. <\/p>\n

Georgiou, who appealed the conviction, said that under the U.S. Supreme Court decision Morrison v. National Australia Bank Ltd.<\/em>, his conviction is not allowed because there is no evidence that the securities transactions took place in United States. This means, he argued, that extra-territorially was applied in his case. <\/p>\n

In the Morrison<\/em> ruling, the deeming of transactions as domestic isn\u2019t determined by the location of the fraud\u2019s origination, but rather, where the securities were sold and bought. The Third Circuit, therefore, decided to hold that the sale and purchase of securities happens where \u201cirrevocable liability\u201d to execute them is incurred. The court said that irrevocable liability includes where the contracts were formed, purchase orders were made, money was exchange, and titles were passed. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The United States Court of Appeals for the Third Circuit has upheld the securities fraud conviction of George Georgiou. The ex-Canadian broker was convicted of U.S. stock manipulation involving brokerage accounts in his native country and international locations. Georgiou, who appealed the conviction, said that under the U.S. Supreme Court decision Morrison v. National Australia […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-5752","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nFormer Canadian Broker\u2019s Securities Fraud Conviction Involving U.S. Transactions is Upheld — Investor Lawyers Blog — January 23, 2015<\/title>\n<meta name=\"description\" content=\"The United States Court of Appeals for the Third Circuit has upheld the securities fraud conviction of George Georgiou. 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