In my February 2014 column for Compliance Week, I laid out the SEC's nine trials to date in FY 2014 (which began on October 1, 2013), and the results in each case. Last week, the SEC announced that after a six-day trial in the case of SEC v. Jacobs, a federal jury in Ohio returned a mixed verdict. The jury found for the SEC on its claims under Section 14(e) of the Exchange Act alleging that the defendants engaged in insider trading in connection with a tender offer, but found in favor of the defendants on the SEC's claims under Sections 10(b) of the Exchange Act and Rule 10b-5 thereunder.

Including Jacobs and two other trials that were completed in February, the SEC's scorecard in FY 2014 now includes 12 trials. In those 10 cases, the SEC has three outright victories (in which it won on all of its claims), five losses (in which it lost on all of its claims), and four mixed verdicts (in which it won on some claims and lost on others).

I will try to maintain an updated running list of the SEC's trials in FY 2014. Here is the list as it currently stands:

SEC v. Cuban:  VERDICT—FOR DEFENDANT (Oct. 2013)

SEC v. AIC  Inc.: VERDICT—FOR  SEC (Oct. 2013)

SEC v. True North Finance Corp.: VERDICT—FOR SEC (Oct. 2013)

SEC v. Kovzan: VERDICT—FOR DEFENDANT (December 2013)

SEC v. Jensen: VERDICT—FOR DEFENDANTS (December 2013)

SEC v. Schvacho: VERDICT— FOR DEFENDANT (January 2014)

SEC v. Yang: VERDICT—MIXED (January 2014)

SEC v. Steffes: VERDICT—FOR DEFENDANTS (January 2014)

SEC v. Life Partners: VERDICT—MIXED (Feb. 2014)

SEC v. DiGiorgio: VERDICT—FOR  SEC (Feb. 2014)

SEC v. Quan: VERDICT—MIXED (Feb. 2014)

SEC v. Jacobs: VERDICT—MIXED (March 2014)

If you are aware of any other SEC trials that should be added to the scorecard, please pass them along.

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