Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Spartan Securities, Island Capital Stuck Facing SEC Fraud Suit

Dec. 29, 2020, 6:58 PM

Spartan Securities Group Ltd., Island Capital Management LLC, and their principals failed to convince a federal judge in Florida that they’re entitled to an early win in an SEC suit over two alleged microcap fraud schemes.

Spartan, a broker-dealer, and Island, a transfer agent, allegedly helped 19 undisclosed blank check companies make their shares public. But genuine disputes of material fact exist, and neither side is entitled to judgment as a matter of law, the U.S. District Court for the Middle District of Florida said.

Judge Virginia M. Hernandez Covington rejected both the defendants’ motion for summary judgment on ...