Securities Fraud: United States v. Tzolov (Butler)

Daily Record Staff//June 17, 2011//

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U.S. Court of Appeals for the Second Circuit

United States v. Tzolov (Butler)
10-562-cr
Judges Feinberg, B.D. Parker and Wesley

Background: The defendant was convicted of securities fraud and conspiracy to commit securities and wire fraud by the District Court for the Eastern District of New York. The defendant was sentenced to five years of incarceration. The defendant appealed from the judgment arguing that venue was improper.

Ruling: The second circuit concluded that the venue to the securities fraud count was improper. The government failed to prove by a preponderance of the evidence that the “act or transaction constituting” the securities fraud occurred in the eastern district. The court vacated the judgment on the securities fraud count, but affirmed the other counts.

Steven F. Molo and Edward F. Daniels of Molo Lamken LLP and Paul T. Weinstein, Emmet, Marvin & Martin LLP for the appellant; John P. Nowak, assistant United States attorney, for the appellee

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