S.E.C. v. FIRST CITY FINANCIAL CORP., LTD.

Civ. A. No. 86-2240.

688 F.Supp. 705 (1988)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. FIRST CITY FINANCIAL CORPORATION, LTD., and Marc Belzberg, Defendants.

United States District Court, District of Columbia.

June 15, 1988.


Attorney(s) appearing for the Case

Barry R. Goldsmith, Leo F. Orenstein, Daniel H. Rubenstein, S.E.C., Div. of Enforcement, Washington, D.C., for S.E.C.

D. Scott Wise, Davis Polk & Wardell, New York City, for First City Financial Corp.

Arthur L. Liman, Max Gitter, Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for Marc Belzberg.


MEMORANDUM OPINION

BARRINGTON D. PARKER, Senior District Judge:

The Supreme Court reaffirmed only recently that a fundamental purpose of the Securities Exchange Act of 1934, as amended, 15 U.S.C. § 78a et seq. ("1934 Act" or "Act") was "to protect investors against manipulation of stock prices" and to implement a "philosophy of full disclosure." Basic Inc., et al. v. Levinson, et al., ___ U.S. ___, 108 S.Ct. 978, 982, 99 L.Ed.2d 194 (1988...

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