The respondents brought a motion for particulars regarding allegations of illegal trading and distributions under the Securities Act.
They argued that the Statement of Allegations and the voluminous disclosure provided by Staff were insufficient to allow them to know the case to meet.
The Commission held that while Staff is not required to meet the strict standard of a criminal proceeding, the duty of procedural fairness requires sufficient particularization of the material facts.
The Commission directed Staff to provide additional specific particulars regarding the alleged illegal distributions, solicitation meetings, and representations, but dismissed the motion to enforce an alleged undertaking by Staff.
