United States v. Berger

473 F.3d 1080 (2007)

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United States v. Berger

United States Court of Appeals for the Ninth Circuit
473 F.3d 1080 (2007)

Facts

Berger (defendant) was the president, chief executive officer, and chairman of a consumer electronics company (the company). Berger’s company entered into a revolving credit agreement with a group of banks. Under the credit agreement, the company could borrow money based on its accounts receivable and inventory. The company was required to provide the banks with a daily report of its financial status. The company falsified these daily reports in order to borrow more than its credit limit. The company also provided the false information to its accountants and auditors, which led to false filings with the Securities and Exchange Commission (SEC). Berger was charged with, among other offenses, violations of the securities laws based on the omission of material facts about the company’s fraudulent accounting practices, default of the credit agreement, and overdrawn status on its line of credit. Berger was convicted after trial, and on appeal, argued that the district court used the wrong materiality standard for securities-fraud violations.

Rule of Law

Issue

Holding and Reasoning (Pregerson, J.)

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