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Pandemic-related fraud is in vogue these days. Commission (“SEC” or “Commission”) has released several investor warnings about the prevalence of fraud Commission has commenced enforcement proceedings against companies that have allegedly committed securities fraud

Plaintiffs commenced the action alleging, inter alia , claims for breach of fiduciary duty and fraud. joinder of issue, plaintiffs moved for summary judgment on their claims for breach of fiduciary duty and fraud Plaintiffs moved for summary judgment on, inter alia , their breach of fiduciary duty and fraud claims Finally, addressing plaintiff’s fraud claim, the motion court concluded that material issues of fact Plaintiffs point to defendants’ actions regarding the Seneca Trail property as one basis for the fraud

Readers of this Blog know that a fraud claim, which “ar from the same facts , s identical damages and Fraud damages are meant to redress a different harm than damages for breach of contract. Thus, where all the damages are remedied through the contract claim, the fraud claim is duplicative and Lacher , 115 A.D.3d 600, 600-601 (1st Dept. 2014) (dismissing fraud claim seeking duplicative damages Such damages, held the Court, “are not recoverable in fraud.” Id. (citing Lama Holding Co. v.

Pleading fraud with particularity is not easy.  ; (2) aiding and abetting fraud; and (3) aiding and abetting breach of fiduciary duty.  “Thus, Sterling   rely on the disclaimer to defeat plaintiffs’ fraud claim.”  Id. fraud; (2) knowledge of this fraud on the part of the aider and abettor; and (3) substantial assistance by the aider and abettor in achievement of the fraud.’” 

July 9, 2019, the Appellate Division, First Department, issued three decisions involving claims of fraud July 9, 2019) ( here ), while the other two involved the justifiable reliance element of a fraud cause Therefore,” held the motion court, “the fraud cause of action duplicative of the breach of contract Thomas-Senior In Mann , the First Department addressed the reasonable reliance element of a fraud claim Readers of this Blog also know that courts will not sustain a fraud claim in which the plaintiff fails

Since February of this year, the SEC has released several warnings to investors to beware of fraud, illicit “With the onset of the global pandemic, we quickly pivoted to identify potential areas of fraud. staff, who continued to investigate after the trading suspension and quickly uncovered the alleged fraud In addition, the Department of Justice’s Market Integrity and Major Frauds Unit announced ( here ) that on Internet message boards, and lull suspecting investors into inaction by refuting allegations of fraud

Institute in Washington, D.C. about the importance of pursuing those who commit financial and accounting fraud Ceresney’s words reflect the SEC’s vigilance in cracking down on accounting and auditing fraud. These efforts continue to show results: in fiscal year 2018, accounting and auditing fraud constituted >i.e., 16% of the cases), preventing and stopping accounting and auditing fraud remains an important Comscore concerned a financial accounting and disclosure fraud allegedly committed by Comscore, Inc.

issues that often receive treatment from this Blog are the application of the statute of limitations to fraud-based The Applicable New York Law Statute of Limitations for Fraud Under CPLR § 213(8), an action for fraud from the date the cause of action accrued or two years from the time the plaintiff … discovered the fraud on the two-year discovery rule of the statute of limitations, “ he burden of establishing that the fraud Courts look at whether the plaintiff should have discovered the alleged fraud objectively.

SEC has announced six enforcements proceedings and/or settlements involving some type of securities fraud proceedings and/or settlements is varied and limited only by the imagination of those who perpetrated the fraud of a religious community (also known as affinity fraud) to deceive investors out tens of millions of announced (here) that it charged George Heckler (“Heckler”) for operating a decade-long investment adviser fraud Fassari On March 15, 2021, the SEC announced (here) fraud charges and an asset freeze and other emergency

Affinity fraud is a type of securities fraud. In this form of fraud, the person committing the fraud preys upon members of an identifiable group, such The promoter of an affinity fraud frequently is – or pretends to be – a member or a good friend of the Affinity frauds exploit the trust and friendship that exist in a group of people who have something in ,” the Commission provides a number of helpful tips on how to avoid an affinity fraud (here).

Sometimes, a contract dispute gives rise to other claims, such as fraud and breach of fiduciary duty. Fraud Cause of Action To plead a cause of action for fraud, the plaintiff must allege “a misrepresentation Thus, where the facts “are peculiarly within the knowledge of the party charged with the fraud,” and “ fraud-based action must be commenced within six years of the fraud or within two years from the time the plaintiff discovered the fraud or could with reasonable diligence have discovered it.”

Appellate Division, First Department involved several cases in which the Court addressed allegations of fraud Moreover, a plaintiff alleging fraud must do so with particularity. claims and made no detailed factual allegations to support the claim of fraud. The complaint contained three causes of action: fraud, constructive fraud, and fraudulent conversion. The motion court dismissed the fraud claim, finding that it was “insufficiently pleaded.”