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In a post today below this one, I describe how San Diego attorney Gary Aguirre is trying to expose the double standard of the Securities and Exchange Commission. The agency chases wee offenders and utterly ignores the superrich who use inside information. Today, the SEC announced that Harry H. Yim has agreed not to violate securities laws. When he was with biotech Invitrogen, Yim had heard in a meeting that the company was going to announce poor results. He sold $79,581 of his stock. Now he has to disgorge that sum and pay an additional civil penalty of the same amount. Contrast that with the SEC's handling of the Peregrine Systems fraud. During the period when the books were cooked, John Moores, former chairman, dumped $487 million worth of stock. Other board members, particularly confidantes of Moores, dumped large amounts. They had been warned by the company lawyer not to sell stock because Peregrine was preparing to make acquisitions and they had inside information. They massively sold anyway. They had sat in on meetings in which the company's dubious accounting was discussed. The SEC has done nothing. Indeed, the attorney handling the Peregrine case for the SEC now works for the law firm that prepared a study at Moores's direction, exonerating board members despite all the evidence. Judges in state and federal civil suits have not let the case go to juries either.

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Don Bauder May 1, 2008 @ 9:36 p.m.

Response to post #1: I don't think those Peregrine civil suits will be settled. The judges are looking for every pretext possible to thwart those suits. The evidence is overwhelming but the judges don't want to look at it. In the most recent criminal case, the judge wouldn't let defense lawyers mention how much Moores raked in. Best, Don Bauder

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JohnnyVegas May 1, 2008 @ 6:18 p.m.

Judges in state and federal civil suits have not let the case go to juries either.

Less than 2% of ALL civil cases go to a jury in the federal courts.

They are either settled or ended thru Summary Judgement motions.

Funny how a criminal case is (almost) NEVER dismissed prior to trial for lack of evidence, but it is the rule in civil cases.

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JohnnyVegas May 1, 2008 @ 6:24 p.m.

I need to make a correction to my above post.

The true and correct number of civil cases that make it to a jury in the federal courts is 1.3%.

See Judicial Business of the United States Courts, Table C-4A, 2006.

www.uscourts.gov/judbus2006/appendices/c4a.pdf

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Fred Williams May 2, 2008 @ 8:34 a.m.

John Moores belongs in jail.

Not only for his Peregrine fraud, but his repeated open bribery of current and former public officials. Again and again, this man who helped bankrupt San Diego gets let off. Now he has former State Senator Steve Peace on his payroll, just like he had former City Manager Jack McGrory taking his illegal money to craft the ballpork rip-off.

What does it take to get justice in this country?

John Moores is pure evil.

The fact that almost all the local political establishment is in his pocket speaks volumes about why San Diego is in such dire straits.

I think the world will be a better place when John Moores, Jack McGrory and Steve Peace are lined up on all fours in prison for prolonged and repeated anal gang-rape by their fellow convicts.

When will justice be served?

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Don Bauder May 1, 2008 @ 9:42 p.m.

Response to post #2: You stand self-corrected. Best, Don Bauder

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JohnnyVegas May 2, 2008 @ 7:55 a.m.

Yeah, your chances of getting a fair shake, even in the federal courts (especially against a government defendant) is a long shot at best if you want to get to trial.

The judges just try to dismiss or end their litigation dockets at every possible turn. It will be intersting to see if Gary Aguirre can get his case to trial, or reach a fair settlement.

One thing I have noticed in both state and federal courts (much more so in state courts where the judges are elected), is that the government always has the bar lowered and the person/entity opposing the government always has the bar raised. Never fails.

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MarkScha May 2, 2008 @ 9:14 a.m.

The print edition of "The Godfather" opens: "Behind every great fortune is a crime." Enough said, I think.

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Don Bauder May 2, 2008 @ 11:39 a.m.

Response to post #5: What I am hoping comes from the Gary Aguirre case is more information about how the SEC turns its back on the crimes of the superrich and rides herd on the wee folk. Who influences this charity toward the nabobs? It's the big law firms, we know, but we need more details. Best, Don Bauder

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Don Bauder May 2, 2008 @ 11:42 a.m.

Response to post #6: The people you mention will not be charged with criminal activities. Nor will civil suits against them succeed. This is San Diego. Law enforcement and the judiciary are in the pockets of the downtown establishment. Best, Don Bauder

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Don Bauder May 2, 2008 @ 11:45 a.m.

Response to post #7: I believe a great French philosopher originally uttered those words. I tried to find his statement in Bartlett's and couldn't locate it. Best, Don Bauder

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Russ Lewis May 2, 2008 @ 12:39 p.m.

Don: it was French novelist Honoré de Balzac.

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Don Bauder May 2, 2008 @ 2:15 p.m.

Response to post #11: You are a genius. So was he. Best, Don Bauder

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