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Business Associations Keyed to Bainbridge
Dirks v. Securities & Exchange Commission
Citation:463 U.S. 646 (1983)
In 1973, Dirks was an officer of a New York broker-dealer firm 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. Dirks decided to investigate the allegations. During the 2-week period in which Dirks pursued his investigation and spread word of Secrist’s charges, the price of Equity Funding stock feel from $26 per share to less than $15 per share. The SEC found that Dirks had aided and abetted violations of the Securities Exchange Act by repeating the allegations of fraud to members of the investment community which later sold their Equity Funding stock.
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