Aug 31
2000
2000
On August 31, 2000, the Texas Court Of Appeals, Third District-Austin, issued a decision upholding the issuance of an injunction and the award of restitution in the amount of $997,195.21 against Robert H. Shields ,for engaging in securities fraud. The appeal raised 12 points of claimed error and all of the points of error were rejected by the Court. Regarding the issue raised as to the amount of restitution awarded, the Court held as follows: "To effect the [Texas Securities] Acts purpose of protecting the public from fraudulent securities practices, we determine that Shields, despite being only an intermediary in the sales process, can be held liable for the full amount of each defrauded individuals net loss. "