Preview:

REPORTED IN THE COURT OF SPECIAL APPEALS OF MARYLAND No. 924 September Term, 1997

MARYLAND SECURITIES COMMISSIONER

v.

U.S. SECURITIES CORPORATION, ET AL.

Murphy, C.J., Wenner, Davis, JJ.

Opinion by Davis, J.

Filed: August 26, 1998

An Administrative Law Judge (ALJ) found, and the Maryland Securities Commissioner (Securities Commissioner) affirmed, that appellees Anthony D. Roberts and his company, U.S. Securities Corporation (USSC), violated the Maryland Securities Act by

engaging in a scheme to defraud Maryland investors in connection with an offering of Printron, Inc. (Printron) stock during January and February 1992. Commissioner found Specifically, the ALJ and the Securities that appellees misrepresented and omitted

material facts, thereby misleading investors regarding the true reasons that Printron was not available for sale in Maryland. The

Securities Commissioner ordered appellees to pay a $30,000 fine, subject to mitigation for any amounts paid as restitution within thirty days of the issuance of the order. Appellees sought

judicial review of the Securities Commissioner's decision by the Circuit Court for Montgomery County. It reversed the decision, holding that the fine was time-barred by the statute of limitations embodied in MD. CODE (1995 Repl. Vol.), CTS. & JUD. PROC. (C.J.)

Download Md. Securities Commissioner v. U.S. Securities Corp..pdf

Maryland Law