United States v. Dixon case brief

United States v. Dixon case brief summary
536 F.2d 1388 (1976)

CASE SYNOPSIS

Appellant sought review of a judgment of the United States District Court for the Western District of New York, which convicted him of six counts of violations of the Securities Exchange Act of 1934, §§ 13, 14, 32(a).

CASE FACTS
Appellant was indicted on six counts that arose from violations of the Securities Exchange Act of 1934. The lower court convicted appellant of all six counts and appellant sought review.

DISCUSSION

• The court held that appellant violated § 32(a) of the Securities Exchange Act by failing to include a statement of his indebtedness in a proxy statement and a schedule II in a 10-K report. 
• Under § 32(a), the prosecution needed only establish a realization on appellant's part that he was doing a wrongful act. 
• As such, the court held that it was established that appellant had had the state of mind required for a conviction and that the jury was properly charged. 
• The court reversed and dismissed the mail fraud counts because the proof was simply that appellant used the mail to receive proxies solicited by a proxy statement which did not contain the proper information about loans to appellant. 
• The court affirmed the conviction of a conspiracy to violate the proxy rules but dismissed the conviction of a conspiracy under the mail fraud statute.

CONCLUSION

The court affirmed appellant's convictions for failing to include a statement of his indebtedness in the proxy statement and a schedule II in the 10-K report and for committing a conspiracy to violate the proxy rules because the prosecution correctly established a realization on appellant's part that he was doing a wrongful act. However, the court reversed appellant's conviction on the mail fraud charges.

Suggested Study Aids For Securities Regulation Law
Securities Regulation in a Nutshell, 10th (Nutshell Series)
Securities Regulation: Examples & Explanations, 5th Edition
Securities Regulations: The Essentials