This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.
Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
Former investment adviser Rosalind Herman lost her bid to reverse her conviction for defrauding investors of over $1.3 million by selling them interests in a non-existent hedge fund ( United States v. Herman , 2017_BL_35140, 1st Cir., No. 16-2001, 2/6/17 ).
The district court’s jury instruction on what constitutes “reasonable doubt” wasn’t misleading, Chief Judge Jeffrey R. Howard of the U.S. Court of Appeals for the First Circuit said. The court said it has upheld the use of similar language in other cases.
District courts have “significant discretion” in formulating their jury instructions, as long as they correctly convey the concept of reasonable doubt, the appeals court said.
It also disagreed that Herman’s seven-year sentence was too long in light of her physical impairments and family responsibilities.
From 2008 to March 2013, Herman and her business partner, Gregg Caplitz, allegedly pitched an investment for a new hedge fund to their clients. In reality, no hedge fund existed; instead, the duo used their victims’ $1.3 million in retirement savings for personal expenses.
Herman was convicted, ordered to pay $1,819,391 in restitution and sentenced to seven years in prison.
Affirming, the appeals court said any suggestion the jury may have been misled is undermined by the district court’s repeated emphasis that proof beyond a reasonable doubt was required for conviction. “The court mentioned the reasonable doubt standard no fewer than nine times in its instructions.”
To contact the reporter on this story: Antoinette Gartrell in Washington at agartrell@bna.com
To contact the editors responsible for this story: Phyllis Diamond at pdiamond@bna.com; Seth Stern at sstern@bna.com
To view the opinion, visit: http://www.bloomberglaw.com/public/document/United_States_v_Herman_No_162001_2017_BL_35140_1st_Cir_Feb_06_201.
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to books@bna.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to research@bna.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)