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Dirks v. Securities & Exchange Commission
Citation:463 U.S. 646 (1983)
In 1973, Dirks was an officer of a New York broker-dealer from who specialized in providing investment analysis of insurance company securities to institutional investors. On March 6, Dirks received information from Ronald Secrist, a former officer of Equity Funding of America. Secrist alleged that the assets of Equity Funding were vastly overstated as the result of fraudulent corporate practices. He urged Dirks to verify the fraud and disclose is publicly. Dirks urged Blundell, the Wall Street Journal’s Los Angeles bureau chief, to write a story on the fraud allegations. Soon, the price of Equity Funding stock fell from $26 per share to less than $15 per share. The SEC began an investigation into Dirks’ role in the exposure of the fraud.
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