Aiding and Abetting Fraud - Transcript

We frequently bring eating and abetting cases alongside of failure to supervise cases against broker dealers and Banks where a Ponzi scheme has occurred in let’s say a branch office it would be prized how frequently this happens where there is a relatively unsupervised branch office of a broker dealer or a bank where a Ponzi scheme is being perpetrated in those cases we would say that their failure to effectuate their supervisory responsibilities under the Securities and banking laws has brought rise to a cause of action against them for both aiding and abetting and failure to supervise some broker dealers and Banks turn a blind eye to the conduct they know of outside business activity and they’re not actively looking at it they are required under the rules if there is an outside business activity to fully vet that and if it is investment related to in fact supervise that activity as if it is happening in the broker dealer or the bank so we bring those cases based on those theories.