BOCA RATON, Fla., Oct. 14, 2008 (GLOBE NEWSWIRE) -- A Bridgeport, Connecticut federal court jury exonerated Stephen J. Wilson of Pompano Beach, Florida of all charges filed by the U.S. Securities & Exchange Commission ("SEC") for stock market manipulation. After seven days of trial, the jury entered its verdict on all claims in favor of Mr. Wilson and handed the SEC's Boston, Massachusetts regional office another defeat.
The SEC's lawsuit was filed four years ago against Mr. Wilson and six other defendants; several defendants have settled their claims without admitting or denying the allegations. The SEC claimed that Mr. Wilson used his own account, his family account, and accounts of his customers to place purchase orders to "mark the close" and "matched trades" with other defendants to inflate the reported closing price of Competitive Technologies, Inc. ("CTT") stock. Mr. Wilson and two other defendants went to trial in November 2007; the jury entered a defense verdict for Mr. Wilson on one of the securities fraud claims but could not unanimously agree on the remaining claims of stock market manipulation.
Robert W. Pearce, Mr. Wilson's attorney from Boca Raton, Florida, successfully argued for dismissal of the "matched trade" manipulation claims. Mr. Pearce then succeeded in getting a separate trial for Mr. Wilson on the "mark the close" claims. According to Mr. Pearce, the SEC's claims against Mr. Wilson were always based on "speculation, conjecture, guesses -- bad guesses." He said, "The SEC simply failed to fully investigate the claims against Mr. Wilson before it filed this lawsuit." Unfortunately, Mr. Wilson was an "innocent investor trapped in one of the SEC's gill nets it set for manipulators." Mr. Pearce attributed the win, in part, to "the SEC's inability to confuse the jury with its evidence against the other Defendants." In the end, the jury was able to see through the government's "smoke and mirrors" and render a defense verdict.
Mr. Wilson said, "It was a costly victory in terms of time, money and emotion but a battle that was necessary to prove my innocence and protect my reputation." He expresses his gratitude to his attorney and the courageous jury that ruled against a "government agency gone wild."
Mr. Pearce has represented investors and brokers in securities, commodities and investment disputes for over 25 years. You may obtain additional information about this case from Robert W. Pearce, Esq., Robert Wayne Pearce, P.A., 1499 W. Palmetto Park Road, Suite 300, Boca Raton, Florida 33486, Telephone: (561) 338-0037, Facsimile: (561) 338-9310, E-mail: Pearce@RWPearce.com, website: www.SECatty.com.