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S.E.C. v. CAVANAGH

Docket Nos. 04-5402-CV(L), 04-5422-CV(CON), 04-5708-CV(CON), 04-6363-CV(CON).

445 F.3d 105 (2006)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. Thomas Edward CAVANAGH, U.S. Milestone, Frank Nicolois, Karen Cavanagh, Beverly Nicolois, Cromlix, LLC, and Thomas A. Hangtes, Defendants-Appellants, Electro-Optical System Corp., George Chachas, Thomas R. Brooksbank, The Estate of William N. Levy, deceased, by and through his executrix, Marlene Levy, Optimum Fund, Agira Trading, Customer Safety, S.L., Cambiares, S.L., Construcciones Solariegas, S.L., Cosimo Tacopino, Maier S. Lehman, James E. Franklin, Donald & Co. Securities Inc., SHBL Associates Europe Ltd., Joseph Falco, Martin Hodas, Bernd Stieghorst, Erin Martin, Ana P. Lopez, Tamar Lehman, Metropolitan Trade Finance Ltd., Tim Timlin, Carmillo Monastra, Eugene Stricker, Arthur De Acutis, Jean-Pierre Neuhaus, Kenneth C. Kehoe, Antonio V. Borotto, Anthony S. Luttenberger, Shlomie Zarchy, Florida Pension Fund Inc., Inversoa Dactiler, S.L., Edward C. Kaufer, The Owners of Account No. 13601, and Baja Ltd., Defendants.

United States Court of Appeals, Second Circuit.

Decided: April 10, 2006.

Attorney(s) appearing for the Case

Paul A. Batista, New York, NY, for Defendants-Appellants Thomas Cavanagh, Frank Nicolois, U.S. Milestone Corp., Beverly Nicolois, Karen Cavanagh, and Cromlix, LLC.

Thomas R. Brooksbank, Phoenix, AZ, pro se.

Gregory J. Sherwin, Fields, Fehn & Sherwin, Los Angeles, CA, for Defendant-Appellant Thomas A. Hantges.

Melinda Hardy, Assistant General Counsel (Giovanni P. Prezioso, General Counsel, Richard M. Hurnes, Associate General Counsel, Philip J. Holmes and Wm. Smith Greig, Senior Counsel, on the brief), United States Securities and Exchange Commission, Washington, DC, for Plaintiff-Appellee.

Before: CARDAMONE, CABRANES, and POOLER, Circuit Judges.

JOSÉ A. CABRANES, Circuit Judge.

These consolidated cases1 concern a "pump-and-dump" securities fraud scheme whereby certain defendants artificially inflated a company's stock price, sold high, and left investors holding nearly worthless shares when the price plummeted to a realistic value. Other defendants allegedly benefitted unjustly from the opportunity to buy shares at nominal prices and then to sell at inflated prices. The Securities...

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