The year 1986 did not bode well for investment banker Dennis Levine. In a civil injunctive action the Securities and Exchange Commission (SEC) alleged that Levine, through an insider trading scheme, violated several antifraud provisions of the Securities Exchange Act of 1934. Without admitting or denying that he obtained over $12 million in illicit profits from secretly trading in the securities of fifty-four companies, the brazen Levine settled the SEC action and was ordered to disgorge over $10 million to the court.
Howard S. Eberstein, of Securities Law in Haven JurisdictionsPalm Trees Hide More than Sunshine: The Extraterritorial Application, 13 Penn St. Int'l L. Rev. 441 (1995).