In March, I began tracking here the SEC's trials to date in FY 2014 (which began on October 1, 2013), and the results in each case. On Monday of this week, the SEC completed its latest trial--a high-profile case against billionaire Samuel Wyly and the estate of his brother, Charles Wyly, who died in a car crash in 2011. 

After 2 and 1/2 days of deliberations, a federal jury in the U.S. District Court for the Southern District of New York found in the SEC's favor. The jury found that the Wyly brothers were liable for fraud and violations of the reporting requirements for corporate insiders related to their use of a system of offshore trusts to conceal their transactions as directors of publicly-traded companies. 

Stephen Susman, the Wylys' lawyer, said the defendants were "deeply disappointed" by the verdict and would "continue to fight for justice through the next phases of the legal process." Andrew Ceresney, the SEC's Director of Enforcement, stated that the agency "will continue to hold accountable, and bring to trial when necessary, those who commit fraud no matter how complex their scheme or how hard they try to hide it."

Including the Wyly case,the SEC's scorecard in FY 2014 now includes (to my knowledge) 13 trials. In those cases, the SEC now has four 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)

SEC v. Wyly: VERDICT—FOR  SEC (May 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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