Securities & Exchange Commission v. Morrone, No. 19-2006 (1st Cir. 2021)
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The First Circuit affirmed the judgment of the district court granting, in part, summary judgment in favor of the United States Securities and Exchange Commission (SEC) on its allegation that Appellants Jonathan Morrone and Z. Paul Jurberg solicited investments in Bio Defense Corporation, where they were senior officers, from investors in violation of federal securities law, holding that the district court did not err.
On appeal, Appellants asserted (1) the district court erred in applying United States federal securities laws to their solicitation of foreign investors, in light of Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010); and (2) genuine issues of material fact barred summary judgment on some of SEC's claims. The First Circuit affirmed, holding (1) the district court did not err in applying the federal securities laws to Appellants; and (2) the district court did not err in granting partial summary judgment in favor of the SEC.
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