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

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Thursday, January 10, 2008

Former CEO of Chancellor Corp. Found Liable for Securities Fraud

On January 3, 2008, the federal district court for the District of Massachusetts entered a Final Judgment against Brian M. Adley, the former Chairman, Chief Executive Officer and controlling shareholder of Chancellor Corporation, a now defunct Boston, MA transportation equipment-leasing company, for his role in a multi-faceted financial fraud. The Court ordered that Adley be enjoined from future violations of the federal securities laws and that he pay $930,000 in disgorgement.  In addition, Adley is barred from acting as an officer or director of a public company for twenty-years.

The SEC had alleged that Adley caused Chancellor to file false financial statements in 1999 and 2000 by directing the wholesale fabrication of corporate documents, by instructing that the fabricated documents be given to the company's auditors, and by coordinating the filing of false financial statements with the Commission. The Final Judgment followed a jury verdict in the SEC's favor on all securities fraud charges against Adley.

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