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Securities Regulation Keyed to Coffee
Valicenti Advisory Services, Inc. v. Securities and Exchange Commission
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- The Brief Prologue provides necessary case brief introductory information and includes:
- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
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- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
- Rule of Law: Identifies the Legal Principle the Court used in deciding the case.
- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
A registered investment adviser, Valicenti Advisory Services, Inc. (VAS) (Defendant ), a registered investment adviser, arranged materials for dispersal to potential clients promoting VAS's past performance. Pieces of sales literature, prepared under the close supervision of VAS’ CEO Valicenti, by VAS’s marketing manager, were incorporated in those materials. The 1991 Chart, the first piece of sales literature, allegedly shows the rates of return realized by a merging of VAS discretionary accounts over the course of five years, from 1987-1991. Although, the 1991 Chart was based on between a mere 13-19 out of the 74 to 120 accounts that, during the years in question, fall under Valicenti’s definition. The marketing manager at VAS suggested multiple changes to apply to the 1991 Chart so that it reflects a more honest merging of VAS accounts with Valicentirefusing all recommendations. VAS was investigated by the SEC for fraud under the IAA and discovered the anti-fraud provisions of the IAA had been purposefully violated by both petitioners. So, petitioners with censure were sanctioned by the SEC, fines, a cease and desist order, and a condition that petitioners send copies of the SEC’s opinion and order to every current client.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
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- Policy: Identifies the Policy if any that has been established by the case.
- Court Direction: Shares where the Court went from here for this case.