April 13, 2011 (Press-News.org) A Travis County jury recently awarded a Texas man $1.6 million in damages resulting from business fraud committed by businessman and broker Christopher Bounds. Bounds worked for Merrill Lynch in Austin, where he conducted several business transactions that came to be the subject matter of the District Court lawsuit.
Plaintiff David Fernea accused Bounds of committing investment fraud and theft through the sale of stock in two telemarketing businesses. In the sales agreement, Bounds was to transfer his business interests in Austrends Inc. and Bounds and Pinto Marketing to Fernea, who paid Bounds $480,000 for the stock purchases. Instead of lawfully transferring the company interests to Fernea, Bounds gave him counterfeit stock certificates. Bounds illegally retained his interests in Austrends and Bounds and Pinto Marketing, using the companies' profits to fund his lavish lifestyle.
The jury arrived at its lofty damage award by imposing punitive damages of $1.2 million. Such exemplary damages are awarded when a jury finds the defendant's conduct to be so outrageous or unscrupulous that it wishes to severely punish the wrongdoer and deter others from engaging in similar behavior. The Travis County jury was clearly disgusted by Bounds' actions, as the actual damages caused were small in comparison at $400,000.
Investment Fraud Far from Rare
America's economical strength is fueled by investment in companies. Because investors are putting their hard-earned money at stake, Texas and the federal government have developed a regulatory scheme that focuses on proper information disclosure and the lawful transfer of business interests once purchase agreements are reached.
However, the number of daily business transactions in Austin alone is overwhelming; the purchase and sale of securities still depends largely on the honesty and integrity of company directors, financial officers and brokers. Sadly, investors are routinely the victims of nondisclosure, material misrepresentations and fraudulent documents. While most brokers operate legally, far too many greedy businessmen shamelessly deceive or steal so they can fatten their own wallets.
If You Suspect Investment Fraud Act Quickly
When an investor discovers that he or she has been defrauded, it is usually months or years after the wrongdoer began the course of deceitful conduct. In fact, the recent investment-litigation verdict against Bounds stemmed from business transactions occurring five years ago. It is crucial for defrauded shareholders to quickly take legal action so that they may recover damages in a timely manner, while the wrongdoer still has assets to recover.
A skilled Austin business attorney can help with the array of complex legal issues surrounding investment fraud. An experienced business lawyer will not only help a client recover all damages he or she is entitled to, but will hold guilty individuals accountable for their deceitful actions via a civil lawsuit.
Article provided by John McDuff, Attorney at Law
Visit us at www.johnmcduff.com/
Austin Jury Intolerant of Investment Fraud, Awards Man $1.6M
Investment fraud is alarmingly common, unlawfully costing investors billions of dollars each year. However, Austin citizens recently sent a strong message to deceitful brokers.
2011-04-13
ELSE PRESS RELEASES FROM THIS DATE:
Birds inherited strong sense of smell from dinosaurs
2011-04-13
ATHENS, Ohio (April 12, 2011) – Birds are known more for their senses of vision and hearing than smell, but new research suggests that millions of years ago, the winged critters also boasted a better sense for scents.
A study published today by scientists at the University of Calgary, the Royal Tyrrell Museum and the Ohio University College of Osteopathic Medicine tested the long-standing view that during the evolution from dinosaurs to birds, the sense of smell declined as birds developed heightened senses of vision, hearing and balance for flight. The team compared ...
New clue found for Fragile X syndrome-epilepsy link
2011-04-13
Individuals with fragile X syndrome, the most common inherited form of intellectual disability, often develop epilepsy, but so far the underlying causes are unknown. Researchers have now discovered a potential mechanism that may contribute to the link between epilepsy and fragile X syndrome.
The protein that is missing in fragile X syndrome, FMRP, controls the production of a protein that regulates electrical signals in brain cells, scientists at Emory University School of Medicine have found. The results were published April 13 in the Journal of Neuroscience.
Individuals ...
Options for Arizona Homeowners When Debt Becomes Overwhelming
2011-04-13
In recent years, the United States has seen one of the most uncertain economic times in its history. The housing market has suffered perhaps more than any other area of our economy.
According to CoreLogic, over 10.8 million homes are underwater, where the borrower owes more than the home is worth. That number is actually down from the second quarter of 2010, when over 11 million properties were underwater. But CoreLogic cautions that the decline in the number of properties with negative equity may be a result of a spike in foreclosures as opposed to a rebound in the ...
Hunger hormone enhances sense of smell
2011-04-13
An appetite-stimulating hormone causes people and animals to sniff odors more often and with greater sensitivity, according to a new study in the April 13 issue of The Journal of Neuroscience. The findings suggest ghrelin may enhance the ability to find and identify food.
Researchers led by Jenny Tong, MD, and Matthias Tschöp, MD, at the University of Cincinnati found the appetite-related hormone also influences smell. The new study shows ghrelin, made mainly in the stomach, binds to molecules in the brain's olfactory bulb, suggesting the hormone is directly involved in ...
Study links heart disease risk factors to some cognitive decline
2011-04-13
Older adults at risk for stroke have significantly increased risk for some types of cognitive decline, according to a multicenter study led by University of California scientists.
The study, which involved 73 older women and men who had not had a stroke and did not have dementia, showed that participants had substantially greater risk for decline in some aspects of "executive function" – specifically in verbal fluency and the ability to ignore irrelevant information. Verbal memory and short term, or "working memory," were not affected.
The finding is reported in a ...
Travelzest's VFB Holidays Announces Special Offers to France
2011-04-13
Travelzest owned VFB Holidays has revealed it is cutting the cost of going to France with a special promotional offer on return ferry crossings, running right through till the 30th of April 2011.
The special offers will mean that customers can book a holiday cottage in France with VFB Holidays at any time during the month of April 2011 and they will get a discounted rate on a return ferry crossing with Sea France, which will save them GBP226 on the normal peak crossing rate for a car.
The offer is exclusive to VFB Holidays and gives travellers the ability to make ...
Prenatal exposure to certain pollutants linked to behavioral problems in young children
2011-04-13
Mothers' exposure during pregnancy to pollutants created by the incomplete combustion of fossil fuels and other organic material may lead to behavioral problems in their children, according to a new study. Researchers found that within a sample of 215 children monitored from birth, those children with high levels of a pollution exposure marker in their cord blood had more symptoms of attention problems and anxiety/depression at ages 5 and 7 than did children with lower exposure.
The study, "PAH/Aromatic DNA Adducts in Cord Blood and Behavior Scores in New York City Children," ...
Changing trends in hip fracture incidence around the world
2011-04-13
Osteoporosis constitutes a major public health problem through its association with age-related fractures, most notably those of the hip. As life expectancy rises around the world, along with the number of elderly people in every geographic region, the incidence of hip fractures is estimated to reach 6.3 million in 2050 - assuming a constant age-specific rate of fracture in men and women. A new review paper by a scientific working group of the International Osteoporosis Foundation (IOF) shows however that age-specific hip fracture rates have changed during recent decades ...
Species unique to single island should not be rare there
2011-04-13
Animal and bird species found only on a single island should still be common within that island.
This is the finding of a new model developed by researchers from the University of Leeds and Imperial College London. The model could apply both to actual islands and isolated areas of habitat on the mainland that are home to unique species, such as the table top mountains of South America.
The natural history of islands is littered with examples of unusual species found only in one place, such as the Hawaiian Goose, Galápagos Tortoises and Dodo that may once have been ...
Scots carbon emissions could be halved in decades, study suggests
2011-04-13
Cutting Scotland's greenhouse gas emissions by a half within 20 years is achievable, a study suggests.
Scientists say greener transport and cleaner power generation could help deliver big savings on CO2 emissions. The researchers say the use of smart meters for homes and businesses, improved recycling, and greener building designs could make a difference. They also recommend carbon capture and storage to reduce emissions from carbon-intensive industry and coal-fired power plants.
The study, carried out at the University of Edinburgh's School of GeoSciences and Business ...
LAST 30 PRESS RELEASES:
Multichannel 3D-printed bioactive scaffold combined with siRNA delivery for spinal cord injury recovery
Triaptosis—an emerging paradigm in cancer therapeutics
A new paradigm in spectroscopic sensing: The revolutionary leap of SERS-optical waveguide integration and ai-enabled ultra-sensitive detection
Sweet tooth: How blood sugar migration in diabetes affects cavity development
Lowest suicide rate is in December but some in media still promote holiday-suicide myth
Record-breaking cosmic explosion challenges astronomers’ understanding of gamma-ray bursts
Excessive heat harms young children’s development, study suggests
Quanta Books to publish popular math and physics titles by Terence Tao and David Tong
Philanthropic partnerships fund next-generation instruments for mid-sized telescopes
AI offers ‘roadmap’ to plant genetics
Myosin XI-1: A key molecular target for salt-tolerant crops
Pusan National University study highlights the health hazards of ultrafine particles from small home appliances with electric heating coils and brushed DC motors
Global first: New Indigenous-led research initiative to revitalize legal orders
Transforming acoustic waves with a chip
When climate risk hits home, people listen: Study reveals key to engagement with disaster preparedness messaging
Major breakthrough against diabetes thanks to a microbial molecule that disarms inflammation
Silicon chips on the brain: Researchers announce a new generation of brain-computer interface
Getting rest is the best
Towards sustainable organic synthesis – Mechanochemistry replaces lithium with sodium in organic reactions
Wireless device ‘speaks’ to the brain with light
Greenhouse gases to intensify extreme flooding in the Central Himalayas
New study sheds light on Milky Way's mysterious chemical history
Could altering the daily timing of immunotherapy improve survival in people with cancer?
Weaving secondary battery electrodes with fibers and tying them like ropes for both durability and performance
Using social media may impair children’s attention
Science briefing: An update on GLP-1 drugs for obesity
Lower doses of immunotherapy for skin cancer give better results
Why didn’t the senior citizen cross the road? Slower crossings may help people with reduced mobility
ASH 2025: Study suggests that a virtual program focusing on diet and exercise can help reduce side effects of lymphoma treatment
A sound defense: Noisy pupae puff away potential predators
[Press-News.org] Austin Jury Intolerant of Investment Fraud, Awards Man $1.6MInvestment fraud is alarmingly common, unlawfully costing investors billions of dollars each year. However, Austin citizens recently sent a strong message to deceitful brokers.