May 7, 2014 4th Circuit published opinion

Prousalis v Moore

Prousalis sought habeas relief arguing the conduct underlying is securities fraud conviction was no longer criminal. The district court denied his petition. The panel, with one judge concurring in result, affirmed. The majority held that the case relied upon by Prousalis arose in the civil context and is solely directed at the implied right of action under a federal rule. Thus, it has no application in the criminal context particularly in this case where Prousalis defrauded investors and his clients of large sums of money. The concurrence argued that the case relied upon by Prousalis applied, but, Prousalis caused the false statement to be made and thus was guilty.

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