Articles Posted in State Litigation

In examining the concept of justifiable reliance, the Florida Supreme Court opined that the question is whether the recipient of a misrepresentation or omission is justified in relying upon its truth. For if the recipient “knows that it [the statement] or [omission] is false or its falsity is obvious to him/her, his/her reliance is improper, and there can be no cause of action for fraudulent misrepresentation.  This is particularly important in circumstances where the misrepresentation or omission is subsequently referenced in a written contract.  In such a circumstance, the Court has determined that notwithstanding oral misrepresentations prior to the making of a contract, a party cannot establish justifiable reliance and “may not recover in fraud for an alleged false statement when proper disclosure of the truth is subsequently revealed in a written agreement between the parties.

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In Florida, the essential elements to establish a claim for fraudulent inducement are: (1) a false statement of material fact; (2) the maker of the false statement knew or should have known of the falsity of the statement; (3) the maker intended that the false statement induce another’s reliance; and (4) the other party justifiably relied on the false statement to its detriment.

Please keep in mind that this information if being provided for educational purposes only and is not designed to be complete in all material respects. If you have any questions, you should contact a qualified attorney.

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Securities and Exchange Commission v. Dennis F. Wright, Civil Action No. 1:14-cv-01896-SHR (M.D. Pa)

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SEC Charges Four Insurance Agents in Securities Fraud Targeting Elderly Investors

The Securities and Exchange Commission recently announced charges against four insurance agents for unlawfully selling securities in what turned out to be a multi-million dollar offering fraud targeting elderly investors.

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SEC Charges Eight for Roles in Widespread Pump-and-Dump Scheme Involving California-Based Microcap Company

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SEC Charges Virginia-Based Broker With Stealing Funds From Elderly Customers

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SEC Charges Bank Holding Company in Delaware with Improper Accounting and Disclosure of Past Due Loans

The Securities and Exchange Commission recently announced accounting and disclosure fraud charges against a Delaware-based bank holding company for failing to report the true volume of its loans at least 90 days past due as they substantially increased in number during the financial crisis.

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