Panel: Judgment Against Investment Adviser On Cherry-Picking Claims On Point

Mealey's (August 8, 2022, 1:56 PM EDT) -- NEW ORLEANS — A federal district court did not err in ruling that an investment adviser and its owners engaged in a fraudulent cherry-picking scheme, in which they allocated favorable trades to themselves and favored clients and misrepresented the firm’s allocation and trading practices in violation of federal securities laws, a Fifth Circuit U.S. Court of Appeals panel ruled Aug. 4 in affirming a liability finding and penalties against the defendants....