Insider Trading

Leonard Simon, a partner of the San Diego law office, Millberg Weiss Berhard Hynes & Lerach, L. L. P., which is also a member of the National Association of Securities and Commercial Law Attorneys (NASCAT), a public policy voice for over 100 law firms who commit to a strong federal and state legal system which protects investors and consumers. The firms has been involved in such cases like Lincoln Savings, Washington Public Power Supply System, Prudential Insurance, MiniScribe, Executive Life, Crazy Eddie, and ZZZZ Best, as well as Bre-X, Bennett Funding, and Centennial Technologies. While NASCAT primarily represents private investors, they do represent federal and local governmental entities, institutional investors, and corporate defendants. Simon's best known case is the Lincoln Savings case in which he was appointed co-lead counsel with Joseph Cotcheft of Burlingame, California for the defrauded investor. Then were several people who lost their investments, or in cases, their life savings. Most of the victims were senior citizens in Southern California who were targets of Charles Keating who saw them as "weak, meek, or ignorant." Investment losses totaled around $250 million. The jury verdict was about $1 billion for some defendants, and they were still seeking collections of certain amounts from Charles Keating and a few others. Because the Private Securities Litigation Reform Act of 1995 is still new, there are no new trials or appellate decisions that have decided on the new law. Should passage of this law show no unclear way for investors to recover their losses, state remedies should still be a way for investors to seek relief. The Securities and Exchange Commission Chairman Arthur Levitt recognizes that it may take time to address the PSLRAs impact on court decisions regarding interpretation. The problem addressing organized crime on Securities Markets are essential to the capital formation process and the economic well being of America. NASD and the SEC work together with law enforcement agencies to protect investors and their markets from fraud, abuse of any kind, and organized crime. America's securities markets are the strongest, the safest, and best regulated markets in the world. While most people in the securities market are generally honest and ethical in their profession, there are the few who are dishonest in this profession. There may be several reasons why a particular industry is targeted for organized crime. One reason is inexperienced investors looking for a quick get-rich scheme, easily fall victim to these unscrupulous and dishonest predators. Newly capitalist businesses in non-listed or over-the-counter have also increased. These new businesses are susceptible to unscrupulous people and their manipulative conduct. The securities regulators help to adopt a "zero tolerance" approach to organized crime. They are continually looking at ways to improve the efforts of protecting investors and consumers from being victims of organized crime. References Congressional Testimony. (1997, October). Securities Litigation: Leonard B. Simon. Retrieved from http://elibrary.bigchalk.com.ezp-00rrw.lim.net. Congressional Testimony. (2000, September). Organized Crime on Wall Street: Mr. Barry R. Goldwater. Retrieved from http://elibrary.bigchalk.com.ezp-00rrw.lim.net.