{"id":824,"date":"2011-01-29T12:40:28","date_gmt":"2011-01-29T12:40:28","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/01\/yet_another_securities_case_ag_1"},"modified":"2022-03-09T16:02:42","modified_gmt":"2022-03-09T22:02:42","slug":"yet-another-securities-case-ag-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/yet-another-securities-case-ag-1\/","title":{"rendered":"Yet Another Securities Case Against a Financial Firm Alleged to Have Aided Enron in its Scams is Dismissed Without Liability in Texas!"},"content":{"rendered":"<p>Many financial firms settled claims filed by those defrauded in the Enron debacle. Meanwhile, many more Enron <a href=\"https:\/\/www.investorlawyers.com\/\">securities fraud <\/a>cases have been dismissed by a court system riddled with special interest influence. No financial firm has been held liable and certain individuals at those firms were held liable only to have their convictions reversed. Thus, perhaps the largest, most notorious and most brazen fraud ever perpetuated by a publicly traded firm against its own shareholders will end not with a bang, but with a whimper.<\/p>\n<p>Earlier this month, securities charges against Deutsche Bank Securities Inc. were dropped in the U.S. District Court for the Southern District of Texas. The financial firm was accused of fraudulently getting two entities to buy beneficial ownership interests in Osprey Trust. The special purpose entity was allegedly secured using worthless investments bought from Enron. The plaintiffs contend that the assets were &#8220;dumped&#8221; into Osprey as part of a bigger scheme to defraud investors and manipulate Enron&#8217;s financial statements.<\/p>\n<p>The court said that because the plaintiffs did not specify any affirmative misrepresentation made by a Deutsche Bank official, they did not and &#8220;cannot plead with particularity either scienter on the part of a Deutsche Bank speaker or writer or reasonable reliance \u2026 on a claimed misrepresentation.&#8221; The court also said that the financial firm&#8217;s stated motive for alleged defraud, which allegedly was for tax benefits and high fees, is a common incentive among financial firms and their officers and therefore is not enough for stating &#8220;a claim for fraud&#8221; under the laws of Texas and New York.<\/p>\n<p><strong>Related Web Resources: <\/strong><br \/>\nNewby, et al v. Enron Corporation, et al., U.S. District Court for the Southern District of Texas<br \/>\nThe Fall of Enron, Chron.com  <a href=\"https:\/\/www.investorlawyers.com\/blog\/yet-another-securities-case-ag-1\/#more-824\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many financial firms settled claims filed by those defrauded in the Enron debacle. Meanwhile, many more Enron securities fraud cases have been dismissed by a court system riddled with special interest influence. No financial firm has been held liable and certain individuals at those firms were held liable only to have their convictions reversed. Thus, [&hellip;]<\/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":[3809,3752,3786,3741,3750],"tags":[],"class_list":["post-824","post","type-post","status-publish","format-standard","hentry","category-enron","category-financial-firms","category-oppenheimer","category-securities-fraud","category-texas-securities-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities Case Against Financial Firm Alleged to Have Aided Enron<\/title>\n<meta name=\"description\" content=\"Many financial firms settled claims filed by those defrauded in the Enron debacle. Meanwhile, many more Enron securities fraud cases have been dismissed &#8212; January 29, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/yet-another-securities-case-ag-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities Case Against Financial Firm Alleged to Have Aided Enron\" \/>\n<meta name=\"twitter:description\" content=\"Many financial firms settled claims filed by those defrauded in the Enron debacle. Meanwhile, many more Enron securities fraud cases have been dismissed &#8212; January 29, 2011\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Securities Case Against Financial Firm Alleged to Have Aided Enron","description":"Many financial firms settled claims filed by those defrauded in the Enron debacle. 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Meanwhile, many more Enron securities fraud cases have been dismissed &#8212; January 29, 2011","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/yet-another-securities-case-ag-1\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/yet-another-securities-case-ag-1\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Yet Another Securities Case Against a Financial Firm Alleged to Have Aided Enron in its Scams is Dismissed Without Liability in Texas!","datePublished":"2011-01-29T12:40:28+00:00","dateModified":"2022-03-09T22:02:42+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/yet-another-securities-case-ag-1\/"},"wordCount":328,"articleSection":["Enron","Financial Firms","Oppenheimer","Securities Fraud","Texas Securities Fraud"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/yet-another-securities-case-ag-1\/","url":"https:\/\/www.investorlawyers.com\/blog\/yet-another-securities-case-ag-1\/","name":"Securities Case Against Financial Firm Alleged to Have Aided Enron","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2011-01-29T12:40:28+00:00","dateModified":"2022-03-09T22:02:42+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Many financial firms settled claims filed by those defrauded in the Enron debacle. 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