SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : GENI: GenesisIntermedia.com Inc
GENI 2.5100.0%Nov 5 4:00 PM EST

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Glenn Petersen who wrote (506)12/3/2005 7:17:13 AM
From: Glenn Petersen  Read Replies (1) of 574
 
A jury lets Courtney Smith off the hook:

Commentator Acquitted in Fraud Trial

By BLOOMBERG NEWS
Published: December 3, 2005

Courtney D. Smith, a financial commentator who was accused of failing to disclose payments by the now-defunct GenesisIntermedia to promote the company's stock, was acquitted by a federal jury.

The jury in Los Angeles acquitted Mr. Smith, 53, of all 10 counts on Thursday, Thelen Reid & Priest, the law firm representing him said yesterday. The district court previously dismissed one charge for lack of evidence, the firm said. Mr. Smith owned a money management firm in New York and appeared on CNBC, CNN and Bloomberg Television.

Prosecutors failed to persuade the jury that deals Mr. Smith conducted with GenesisIntermedia were sham transactions to hide compensation in exchange for stock promotions on financial TV programs, George Newhouse Jr., Mr. Smith's lawyer, said.

The evidence showed that they were proper business transactions and that Mr. Smith disclosed that he held a big position in GenesisIntermedia after he sold his Web site to the company in exchange for stock, Mr. Newhouse said.

Mr. Smith still faces a civil suit.

nytimes.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext