Securities and Exchange Commission v. Cherif
1991.C07.41128 ; 933 F.2D 403
United States Court of Appeals for the Seventh Circuit
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The Securities and Exchange Commission ("SEC") brought this civil enforcement action against defendant Danny O. Cherif, alleging that Cherif had violated the antifraud provisions of the federal securities laws, in particular Sections 10(b) and 14(e) of the Securities Exchange Act of 1934, 15 U.S.C. Â§Â§ 78j(b) and 78n(e) (1988), and Rules 10b-5 and 14e-3 thereunder. 17 C.F.R. Â§Â§ 240.10b-5 and 240.14e-3 (1990). Section 21A of the Exchange Act allows the court to enjoin further violations of the securities laws upon a showing that defendant did in fact violate the laws or threatens to do so. 15 U.S.C. Â§ Â§ 78u(d) and (e) (1988). The district court entered an injunction preventing Cherif from future trading and freezing his assets. It also froze two accounts of nominal defendant Khaled Sanchou, Cherifs cousin. It was alleged that Cherif used Sanchous accounts to facilitate his illegal trades and that the profits from Cherifs trading remained in Sanchous accounts. Cherif and Sanchou both appeal.
- Category: Law
- Published: Apr 29, 1991
- Publisher: LawApp Publishers
- Seller: Innodata Book Distribution Services Inc
- Print Length: 35 Pages
- Language: English