Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Friday, November 16, 2007

Jury Returns Verdict against Former Chancellor Corp. CEO

The SEC announced that a federal court jury returned a verdict today in the SEC's favor on all securities fraud charges against Brian M. Adley, who is the former chairman, chief executive officer and controlling shareholder of Chancellor Corporation, a defunct Boston-based transportation equipment-leasing company.  Adley was found liable for using fabricated documents and fraudulent accounting from 1998 through 2000 to orchestrate a scheme that inflated Chancellor's reported assets, revenue and income, and paid unwarranted fees to entities that he controlled. The verdict followed a three-week trial in Boston before the Honorable Patti B. Saris, U.S. District Court Judge for the District of Massachusetts.  The Commission previously settled with 10 other defendants: Chancellor Corporation; the former President and Chief Operating Officer; the former acting Chief Financial Officer; the former treasurer; two former Chancellor directors and audit committee members; Chancellor's outside auditing firm and three members of its audit team.

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