Jurisdiction under federal securities laws to recover ill-gotten gains from third parties

Article Abstract:

Problems have arisen in seeking the return gains from illicit securities transactions that have been transferred to blameless third parties because of the courts' failure to establish the basis of their jurisdiction over them. The concept of the constructive trust as practiced under equity is the most reasonable alternative, particularly when invoked under the court's ancillary jurisdiction. Recent changes in the law regarding supplemental jurisdiction may also offer relief for claimants.

Analysis, Jurisdiction

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A blue sky state of mind: the meaning of "willfully" in blue sky criminal cases

Article Abstract:

Section 409 of the Uniform Securities Act states that anyone who 'willfully violates' any part of the act will face criminal penalties if convicted. However, the meaning of the term 'willfully' is not clear. State appellate courts seem less inclined to require proof of criminal intent for securities fraud based on Section 409. Older cases tended to require proof of criminal intent. Commentaries on the uniform statutes do not clarify the intended meaning of 'willfully' either.

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