Execs Sued By SEC No 'Mailroom' Underlings, 1st Circ. Says
Law360 (April 8, 2021, 5:47 PM EDT) -- The First Circuit appeared unconvinced on Thursday by arguments that two former employees of a Boston technology firm were low-level workers far removed from a stock fraud scheme alleged by the U.S. Securities and Exchange Commission.
During a hearing, counsel for Jonathan Morrone, Bio Defense Corp.'s former head of finance and administration, and Paul Jurberg, who led consumer and investor relations, argued the two were "minor players" with minimal participation in selling company stock to overseas investors.
Pushing back on the characterization, U.S. Circuit Judge Sandra L. Lynch said, "Mailroom guys don't sit in on meetings of presidents of American corporations."...
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