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Prousalis v. Moore

751 F.3d 272 (2014)

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Prousalis v. Moore

United States Court of Appeals for the Fourth Circuit
751 F.3d 272 (2014)

  • Written by Robert Cane, JD

Facts

Thomas Prousalis (defendant) was a securities lawyer. Prousalis represented Busybox.com, Inc. (Busybox) during the process of conducting an initial public offering (IPO). At some point, Busybox was in a precarious financial position. The outlook of the IPO was uncertain, so Prousalis implemented a scheme to ensure that the IPO went through. The scheme involved failing to disclose improper compensation structures and other maneuvers that would have prevented completion of the IPO had they been reported properly to the Securities and Exchange Commission (SEC). Prousalis was indicted and charged with several counts of fraud in a criminal case. Prousalis pleaded guilty. Later, Prousalis filed a writ of habeas corpus, arguing that the conduct for which he was convicted was no longer criminal based on a prior United States Supreme Court decision, Janus Capital Group, Inc. v. First Derivative Traders.

Rule of Law

Issue

Holding and Reasoning (Wilkinson, J.)

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Securities Regulation

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