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Cornell Journal of Law & Public Policy: Left Out in the Cold: Freezing Innocent Spouses Assets in S.E.C. Actions, By Zoe E. Jones
May 5, 2015 By jeff
Cornell Journal of Law & Public Policy: Left Out in the Cold: Freezing Innocent Spouses Assets in S.E.C. Actions
By Zoe E. Jones
Reprinted from the
Cornell Journal of Law & Public PolicyVol. 24:381
This article was largely inspired by the work we and a talented group of attorneys performed last year on behalf of an innocent spouse and children in obtaining the return of her assets and a recovery from the U.S Receiver. Much of the Analysis and Conclusions Sections below are a direct result of this case.
LEFT OUT IN THE COLD: FREEZING INNOCENT SPOUSES' ASSETS IN SEC ACTIONS
Zoe A. Jones*
Securities fraud not only has a large effect on the innocent victims of the fraud but also on the innocent spouses and children of culpable defendants. In some cases, innocent spouses may have their assets fro- zen even when such assets are personal and not traceable to the fraud. This Note suggests potential solutions that would make Securities and Exchange Commission (SEC) actions fairer and more efficient without compromising the enforcement goals of the SEC.
While innocent spouses may have equitable remedies available to them—requesting a modification of the temporary restraining order (TRO) or showing that frozen assets are untainted by the fraud—these remedies may not be enough. To pursue any of these remedies, the spouse must have funds to cover attorney's fees. This may prove impos- sible and effectively prevent the spouse from obtaining relief.
The solution suggested in this Note is to narrow the scope of the TRO granted to the SEC when they bring an action. While the proceed- ing could remain ex parte, the court should require that the SEC make a showing that the assets to be frozen are tainted by the fraud. Such a solution is in the interests of both fairness and efficiency. Furthermore, courts could include a balancing of the hardships that would occur if the TRO is granted. As evidenced by tax fraud provisions, it is possible to maintain an effective system of recovering funds that have been obtained illegally without punishing those who are innocent. Similar concessions can be made to protect innocent spouses in securities fraud cases.
INTRODUCTION…………………………………………. 382 I. OVERVIEW OF ASSET FREEZES AND REMEDIES………… 384
Freezing of Assets in Cases of Fraud …………… 384
Remedies for the Spouse Once Assets Are Frozen . . . . 386
* Candidate for J.D., Cornell Law School, 2015. I would like to thank Professor Marion Bachrach for her advice and guidance in writing this Note and for introducing me to this important issue. I would also like to thank Kevin Quilty for his thoughtful comments and criticisms as I worked toward publication. Finally, thank you to Eric DiMuzio, a Managing Editor of the Cornell Journal of Law and Public Policy, for his diligence throughout the edit- ing process.
382 CORNELL JOURNAL OF LAW AND PUBLIC POLICY [Vol.24:381
Requesting Modification of the Order ……….. 387
Showing of Untainted Property …………….. 388
Deals with the Government………………… 390
Divorce…………………………………. 391
II. ANALYSIS ………………………………………. 393
Difficulties in Accessing Assets to Pay for Attorney's Fees……………………………………….. 393
Procedural Due Process Considerations…………. 396
The Inefficiency and Unfairness in Granting Broad TROs………………………………………. 397
Innocent Spouse Relief in the Context of Tax Fraud . . 398
CONCLUSION…………………………………………… 400
In a world where securities fraud enforcement actions are increas- ingly common,1 it is important to analyze the impact that such actions have on victims. There are the obvious victims—those who are de- frauded—who often end up losing their hard-earned assets and in some cases their entire life savings. However, there are also victims who are indirectly affected—the innocent spouses and families of culpable de- fendants. Imagine an innocent spouse losing her home, her assets, and any funds she may have had to support herself and her children solely because her husband committed a crime of which she had no knowledge. Undoubtedly, there must be a way of punishing criminals for their wrongdoing without forcing their innocent family members to give up everything they own.
At first glance, it may be easy to assume a defendant's spouse is equally culpable, reasoning that the spouse "must" or "should" have known. It is even easier to make such an assumption when that spouse may have been living off of the spoils of a defendant's reprehensible actions. But what about cases where it is uncontested that the spouse is innocent of wrongdoing and had no knowledge that a fraud was being perpetrated? Is it fair to deprive a defendant's spouse of all untainted assets when that spouse is just as blindsided as the defrauded investors?
In many cases, once the government brings an action against a fraud defendant, a court will order a very broad temporary restraining order (TRO) or injunction, restraining the defendant and those acting in "par- ticipation" with the defendant from accessing their assets. Although it may be uncontested that a spouse is innocent, the spouse will still be prevented from accessing any joint assets because the spouse is consid-
1 See, e.g., Jean Eaglesham, SEC Cases Climb for the First Time Since 2011, WALL ST. J., Sept. 30, 2014, at C1.
2014] LEFT OUT IN THE COLD 383
ered to be acting in participation with the defendant. Furthermore, the court can name a spouse as a nominal defendant—even when the court recognizes that spouse as innocent of wrongdoing—and gain access to the spouse's personal assets for potential recovery.
It is surely true that a defendant should not be allowed to keep the spoils of fraudulent, criminal activity. The thought of allowing a defen- dant to continue living in the lap of luxury while innocent people suffer would enrage most anyone. While in the face of a large-scale securities fraud it is easy to demand that justice be served, we must stop to ask ourselves, at what cost? A defendant may be stripped of liberty and any profit derived from the fraud, but is it fair to punish innocent people simply because they had the misfortune of being a family member of that defendant? Certainly one could think of no other crime where society calls for deprivation of an innocent person's property to provide restitu- tion to victims.
Depriving an innocent spouse of assets becomes even more illogical in light of the fact that such assets may be frozen even when they were not derived from the proceeds of the fraud. The broad nature of the TRO includes those assets that may have been acquired before the fraud be- gan; bought with funds from a legal source (such as lawful employment); or obtained through an inheritance completely unrelated to the fraud.
Focusing solely on actions brought under federal law by the United States Securities and Exchange Commission (SEC), this Note will ana- lyze the remedies that innocent spouses may have when their assets are frozen. There are certain steps that a spouse may take after the TRO is issued. If not named as a nominal defendant, the spouse may seek to intervene in the suit. Then the spouse may request a modification to the TRO or request release of funds upon a showing that they are untainted by the fraud. In some situations, a spouse may even seek to strike a deal with the government to retain a certain (limited) amount of assets, or decide to divorce the defendant.
Finding ways around an asset freeze requires time and, most impor- tantly, money. However, inability to access such funds may, in practice, make remedies nearly impossible to obtain. Given that the spouse's as- sets are inaccessible, the spouse may find it difficult to retain an attorney to pursue available remedies. Moreover, the assets may not be released even when it can be shown that they came from a legal source and were not a product of the fraud. As a result, assets may not be available even when necessary to cover basic living expenses, leaving innocent spouses without any way to support themselves and their children.
This Note will consider the unfairness of depriving an innocent per- son of property based on the crimes of their spouse. Given that untainted assets are frozen by broad TROs, the simplest solution may be to analyze
the source of the funds prior to issuing the TRO. Furthermore, the cur- rent standard for granting a TRO in SEC actions is much lower than other standards, and in the interest of fairness, the standard could be raised by including a balancing of the hardships.
Part I of this Note explains how and why assets are frozen in a securities fraud case and the remedies that an innocent spouse has to regain access to frozen funds. Part II discusses the difficulties a spouse may have in pursuing different remedies (both equitable and non-equita- ble) and the fairness concerns in freezing all of a defendant's assets, in- cluding those belonging to the defendant's spouse.2 Part II advocates that courts should take a lenient approach when deciding whether to un- freeze assets to cover attorney's fees. Additionally, Part II suggests that a solution to policy and fairness concerns would be the narrowing of the initial TRO against the defendant to exclude untainted assets and include a consideration of the balance of the hardships.
I. OVERVIEW OF ASSET FREEZES AND REMEDIES
A. Freezing of Assets in Cases of Fraud
When trying to stop securities fraud, the SEC is very likely to freeze a defendant's assets by seeking a TRO or preliminary injunction.3 The rationale behind this is that the freeze can help ensure that there are as- sets available to compensate victims of the securities fraud if the defen- dant is found liable.4 There is nothing requiring all of a defendant's assets to be frozen, and logically, all that should be required is that the court order enough assets to be frozen to ensure that any potential pay- ments or penalties can be fulfilled.5 Nevertheless, courts are most likely to initially freeze all of a defendant's assets,6 even if not all of those assets are "tainted" by the fraud.7
When granting the freeze, the court not only has the option to pre- vent defendants from accessing the assets for an indefinite period of
2 This Note will not address the complicated issue of receivership. There is most cer- tainly a fairness concern in allowing a receiver to collect a large payment from the defendant's frozen assets while refusing to grant assets to an innocent spouse. This issue, however, is beyond the scope of this Note.
3 6 ALAN R. BROMBERG ET AL., BROMBERG & LOWENFELS ON SECURITIES FRAUD § 12:74, at 12-217 to 12-218 (2d ed. 2014).
4 See e.g., SEC v. Gen. Refractories Co., 400 F. Supp. 1248, 1259 (D.D.C. 1975) ("[T]he SEC is seeking the freezing of certain specific assets that are clearly related to the alleged scheme in order to assure a source to satisfy that part of the final judgment which might be ordered specifically by this Court.").
5 BROMBERG ET AL., supra note 3, at 12-220.
6 Id.
7 See, e.g., SEC v. Vaskevitch, 657 F. Supp. 312, 315 (S.D.N.Y. 1987) (freezing all of a
defendant's assets and noting that "if at some later stage the freeze appears too broad, it can be appropriately narrowed").
time, but it can also prevent a wide range of others from accessing them.8 These others can include the defendant's officers, employees, or attor- neys and any persons considered to be "in active concert or participation with them."9 Once served on the defendant and anyone who may hold his assets,10 the TRO is issued very broadly against third persons.11 Be- cause spouses often share all assets, especially large ones such as houses or bank accounts, a broad TRO will be particularly restrictive for them. Once a TRO is granted, the burden shifts to the defendant to show that the freeze is excessive or to request that the court modify the TRO.12
These very broad TROs are "almost routinely granted" without any consideration given to the harmful effects they may cause to a defen- dant's family who may rely on the frozen assets.13 Additionally, the bal- ancing of hardships that is used when considering other injunctions is not considered when the SEC moves to freeze assets.14
Furthermore, a court may issue a TRO freezing assets of a third party against whom no wrongdoing is alleged—such as an innocent spouse—by making that third party a nominal defendant.15 The third party need only have funds that are a part of the subject of the litiga- tion—here, funds tainted by the fraud— in order to be named as a nomi- nal defendant against whom a judgment may be collected.16
The next section of this Note outlines the potential remedies that an innocent spouse has and whether such remedies are realistic or fair. This Note will then suggest certain changes that could be made to the injunc- tion process so that a balance is struck between the need to ensure that there are assets available to compensate victims of the defendant's fraud and the need to ensure that the family is not left without adequate means to live.
9 See, e.g., Vaskevitch, 657 F. Supp. at 316.
10 BROMBERG ET AL., supra note 3, at 12-218.
11 See id. at 12-219.
12 Id. at 12-220.
14 SEC v. Hede ́n, 51 F. Supp. 2d 296, 298 (S.D.N.Y. 1999) ("Unlike a preliminary in-
junction enjoining a violation of the securities laws, which requires the SEC to make a sub- stantial showing of likelihood of success as to both a current violation and the risk of repetition, an asset freeze requires a lesser showing."). For the SEC to obtain an injunction freezing a defendant's assets, it need only show that "it is likely to succeed on the merits." Id. (quoting SEC v. Cavanagh, 155 F.3d 129, 132 (2d Cir. 1998)) (internal quotation marks omit- ted). Additionally, "[u]nlike a private litigant, the SEC need not show that there is a risk of irreparable injury." Id.
15 See SEC v. Cherif, 933 F.2d 403, 414 (7th Cir. 1991); see also discussion infra Part I.B (discussing how a spouse becomes a party to such an action).
16 See Cherif, 933 F.2d at 414.
B. Remedies for the Spouse Once Assets Are Frozen
There are two ways that a spouse may become a party to the SEC action. First, the spouse of a defendant can be joined in the suit as a nominal defendant.17 The SEC may name a spouse as a nominal defen- dant in order to freeze assets belonging solely to the spouse.18 Although the court may recognize nominal defendants as innocent of any wrongdo- ing, they are named as defendants because they have received funds or property that are traceable to the illegal activity.19 For a spouse to be named a nominal defendant in a securities enforcement action, the spouse need only "(1) ha[ve] received ill-gotten funds; and (2) . . . not have a legitimate claim to those funds."20 This ultimately allows the SEC to recover property from the nominal defendant.21
Second, in the event that a spouse is not named as a nominal defen- dant, the spouse may seek to intervene under Federal Rule of Civil Pro- cedure 24(a).22 This may be the case when a couple's joint assets are frozen under the TRO. Such deprivation may be particularly acute if the spouse does not have any assets that are solely her own.23 Under Rule 24(a), an applicant seeking to intervene as of right must demonstrate that:
(1) it has a significant protectable interest relating to the property or transaction that is the subject of the action; (2) the disposition of the action may, as a practical mat- ter, impair or impede the applicant's ability to protect its interest; (3) the application is timely; and (4) the existing parties may not adequately represent the applicant's interest.24
If the spouse is either named as a nominal defendant or intervenes under Rule 24(a), she can use the equitable remedies discussed below, namely
17 See Camisha L. Simmons, Defrauded Parties' Recovery of Funds from Innocent Third Parties: The Relief Defendant, BANKR. LITIG. COMMITTEE (Am. Bankr. Inst., Alexandria, VA), Aug. 2009, available at http://www.abiworld.org/committees/newsletters/litigation/vol6num5/ defrauded.html; see also Cherif, 933 F.2d at 414 (explaining the use of a nominal defendant in an SEC action).
18 See, e.g., SEC v. Cavanagh, 155 F.3d 129, 136–37 (2d Cir. 1998) (upholding an in- junction freezing funds in the account of a defendant's wife that were the proceeds of fraud, even though she was not accused of any wrongdoing).
19 Simmons, supra note 17.
20 Cavanagh, 155 F.3d at 136.
21 See Simmons, supra note 17 (citing Cavanaugh, 155 F.3d at 137).
22 See FED. R. CIV. P. 24(a)(2); see also SEC v. Lefebvre, No. C 02–3704 JSW, 2004
WL 2696731, at *2 (N.D. Cal. Mar. 31, 2004) (outlining when an applicant may seek to intervene in an SEC action).
23 It is plausible that a married couple could share all assets, including houses, bank accounts, etc. This scenario may be more likely in cases where the spouse is a homemaker, such as our example spouse, Anne, introduced in Part II.
24 Lefebvre, 2004 WL 2696731, at *2 (quoting United States v. Los Angeles, 288 F.3d 391, 397 (9th Cir. 2002)).
requesting modification of the order and arguing that certain assets are untainted.25
1. Requesting Modification of the Order
Just as a court has the authority to issue an order temporarily freez- ing a defendant's assets, it also has the authority to release frozen assets or to modify the amount frozen.26 In many cases, defendants seek a modification of a TRO to cover attorney's fees.27 Defendants also seek to access funds for other expenses.28 Courts, however, may be disin- clined to grant such modifications when they are faced with a significant number of defrauded investors.29
When a defendant requests that the court modify an existing TRO, courts will commonly look to several factors. These factors include (1) what is in the best interests of the defrauded investors, (2) the source of the released funds,30 (3) the balance of the defendant's interests versus the government's interests, and (4) the expenses that the defendant seeks to pay.31 Some courts hold that the defendant has the burden to show that "such a modification is in the interest of the defrauded investors."32
In some situations, releasing funds from a freeze may actually bene- fit defrauded investors. This would be the case if the TRO was causing such a disruption to a defendant's business that it was at risk of financial ruin, and therefore lessening the value of the assets available to compen- sate defrauded investors.33
When deciding whether to modify a TRO to release funds for living expenses, the court must balance "[t]he defendant's interest in having
25 Cf. Cavanagh, 155 F.3d at 136–37 (noting that any named defendant, even if named only as a nominal defendant, has a "full opportunity to litigate her rights").
26 See, e.g., SEC v. Duclaud Gonzalez de Castilla, 170 F. Supp. 2d 427, 429 (S.D.N.Y. 2001) (releasing assets to pay for legal expenses).
27 For examples of cases that sought to release frozen funds to pay for attorney's fees (among other things), see Duclaud Gonzalez de Castilla, 170 F. Supp. 2d at 429 and SEC v. Coates, No. 94 Civ. 5361 (KMW), 1994 WL 455558 (S.D.N.Y. Aug. 23, 1994).
28 See, e.g., SEC v. Forte, 598 F. Supp. 2d 689, 691 (E.D. Pa. 2009) (discussing defen- dant's request for release of frozen assets for a variety of expenses including mortgage pay- ments, health insurance, and groceries); SEC v. Dobbins, No. Civ.3:04–CV–0605-H, 2004 WL 957715, at *3 (N.D. Tex. 2004) (discussing defendant's request for release of frozen assets for a variety of expenses including business, living, and accounting expenses).
29 See Dobbins, 2004 WL 957715, at *1, *4 (denying a defendant's motions where over fifty investors were allegedly defrauded).
30 See discussion infra Part II.B.2.
31 See, e.g., Forte, 598 F. Supp. 2d at 692–94 (weighing the interests of the defendant against those of the defrauded investors).
32 SEC v. Grossman, 887 F. Supp. 649, 661 (S.D.N.Y. 1995), aff'd sub nom. SEC v. Estate of Hirshberg, 101 F.3d 109 (2d Cir. 1996); see also Coates, 1994 WL 455558, at *3 (declining to modify an asset freeze on investor protection grounds).
33 Forte, 598 F. Supp. 2d at 692 (citing SEC v. Manor Nursing Ctrs., Inc., 458 F.2d 1082, 1105 (2d Cir. 1972)).
access to funds needed to pay ordinary and necessary living ex- penses . . . against the government's interest in preventing the depletion of potentially forfeitable assets."34 The court will look to factors such as the defendant's current funds, expenses, and the defendant's ability to obtain financial support from friends and family.35 Often, a court will decline to release assets for living expenses if the defendant does not provide sufficient and detailed documentation.36 Therefore, it is ex- tremely important for defendants to include thorough documentation if they hope for their request to be granted.
Finally, the court will consider the nature of the expenses that the defendant seeks to pay. Courts will generally deny requests when the evidence before them indicates that the defendant is "requesting funds for luxuries, not necessities."37 Expenses that may be considered neces- sities include "those types of bills which would be considered ordinary such as phone companies, the electric company, life insurance compa- nies, and doctors."38 Expenses that courts have considered to be luxuries include aesthetic expenses, such as hair care or lawn care, and the costs of upkeep on multiple properties.39 Where a defendant is not seeking the release of assets to pay for luxuries and has shown, by sufficient docu- mentation, that he has no other sources of income, some courts may grant a release of funds to cover necessary living expenses.40
2. Showing of Untainted Property
Once a court grants a broad TRO freezing all of a defendant's as- sets, the defendant may argue that "untainted" assets—those that were not derived from the fraud—should be released from the order. Courts
34 Dobbins, 2004 WL 957715, at *3 (internal quotation marks omitted).
35 For cases noting a defendant's lack of documentation to support a request for modifi-
cation of a TRO, see Forte, 598 F. Supp. 2d at 63–94 and Dobbins, 2004 WL 957715, at *3.
36 See Forte, 598 F. Supp. 2d at 693 (denying a defendant's motion to release funds
because the defendant did not provide an accounting of all assets held by him, his spouse, and
members of his household); Dobbins, 2004 WL 957715, at *3 (denying a defendant's motion
to release funds because he did not provide information "sufficient for the Court to determine the legitimacy of the request").
37 SEC v. Dowdell, 175 F. Supp. 2d 850, 854 (W.D. Va. 2001).
39 See, e.g., Forte, 598 F. Supp. 2d at 694 (denying release of funds to pay for expenses such as satellite television and high-speed internet); SEC v. Duclaud Gonzalez de Castilla, 170 F. Supp. 2d 427, 430 (S.D.N.Y. 2001) (partially denying a defendant's motion, where defen- dant requested funds to pay for living expenses including a monthly expense of "$1,800 for a nanny, housekeeper, handy-man, and nurse"); SEC v. Coates, No. 94 Civ. 5361 (KMW), 1994 WL 455558, at *2 (S.D.N.Y. Aug. 23, 1994) (denying a defendant's motion for release of funds to cover mortgages on three properties, hair care, lawn service, and pool service).
40 See, e.g., Dowdell, 175 F. Supp. 2d at 854–55.
may release frozen assets if it can be shown that they were not the prod- uct of the defendant's fraud.41
Upon such a motion by the defendant, a court can—and must in some cases—order that the TRO may not be continued until an adversary hearing is held on "whether (1) the SEC has established a prima facie case of securities law violations, and (2) the SEC has made a showing that the frozen assets are traceable to fraud."42 If the defendant prevails in the adversary hearing, the court may release some or all of the un- tainted assets from the freeze and make them available to the spouse for things such as attorney's fees and living expenses. When a defendant requests that a court release untainted funds from a TRO, the defendant must provide sufficient documentation to allow the court to make a de- termination that the frozen assets contain such untainted funds.43
The release of untainted funds, however, is not a certainty. Some courts may hold that where "it appears likely that investor losses dwarf [the] [d]efendant's remaining assets," no funds should be released.44 The rationale for this is that where a defendant may be held jointly and sever- ally liable for a judgment, "[i]t is irrelevant whether the funds affected by the Assets Freeze are traceable to the illegal activity," because those funds would go towards compensating victims regardless of if they were untainted by the fraud.45 Thus, a court may even use this rationale to uphold a freeze on the assets of a nominal defendant that are not tracea- ble to illegal activity.46 In practice, this means that a court can uphold a TRO freezing the assets of a spouse, even where the spouse is recognized as innocent of any wrongdoing and maintained personal assets separate from proceeds of the fraud. If such a TRO may be upheld, there may be no hope of remedy for some spouses even though they are innocent and
41 See Forte, 598 F. Supp. 2d at 693; cf. SEC v. Cavanagh, 155 F.3d 129, 136 (2d Cir. 1998) (upholding an injunction freezing the proceeds from the sale of stock at issue in a fraud case).
42 Coates, 1994 WL 455558, at *3 (citing United States v. Monsanto, 924 F.2d 1186, 1203 (2d Cir. 1991)). This standard comes from United States v. Monsanto, in which a crimi- nal defendant was facing drug and conspiracy charges. See 924 F.2d at 1203. The Coates court, however, recognized that many of the reasons for holding a hearing that were cited in Monsanto were equally applicable in a securities fraud case. Coates, 1994 WL 455558, at *3. The reasoning from Monsanto, however, applies only where the SEC brings a companion criminal case. The complexities that arise from a companion criminal case and the Sixth Amendment right to counsel that are implicated, while briefly addressed, are not the focus of this Note.
43 See SEC v. Current Fin. Servs., 62 F. Supp. 2d 66, 68 (D.D.C. 1999) (denying a defendant's motion to release funds from a freeze because "[n]early all of [defendant]'s sup- porting documentation is inconclusive, or even detrimental, as to his claim that the frozen account contains personal funds").
44 Forte, 598 F. Supp. 2d at 693.
45 SEC v. Grossman, 887 F. Supp. 649, 661 (S.D.N.Y. 1995), aff'd sub nom. SEC v. Estate of Hirshberg, 101 F.3d 109 (2d Cir. 1996).
46 Id. (upholding a freeze of the personal assets of a defendant's wife and daughter).
were responsible enough to acquire and maintain personal assets in their marriage.
3. Deals with the Government
One alternative that a spouse may have to seeking an equitable rem- edy is to strike a deal with the government. In such a deal, a spouse gives up any possible claim to untainted assets in exchange for a pay- ment from the seized assets, which the government will not contest. One example of a spouse making such a deal is the case of Ruth Madoff. Ruth Madoff is the wife of the infamous Bernie Madoff,47 the investor who defrauded his clients out of billions of dollars in what is arguably the most famous Ponzi scheme in history.48 In March 2009, Bernie Madoff pled guilty to eleven criminal charges filed against him by the United States Attorney's Office for the Southern District of New York.49 In June 2009, he was sentenced to a 150-year prison term and entered into a forfeiture agreement.50 Ruth Madoff's situation differs from the situation described throughout this Note, however, because her inno- cence was not legally conceded.51 Although it is unclear whether Ruth Madoff was involved in her husband's business dealings, she maintained that she "did not know of or participate in her husband's wrongdoing."52
In June 2009, Ruth Madoff entered into a settlement with the U.S. Attorney's Office in the Southern District of New York.53 In this settle- ment, Ruth Madoff agreed to give up any claim she had to $80 million worth of assets that she stated were untainted.54 In exchange, the U.S. Attorney's office agreed not to contest Ruth Madoff's claim to $2.5 mil- lion worth of assets that had been seized.55
Striking a deal with the prosecution is an appealing option because it can prevent a spouse from going through an extensive (and expensive) legal battle in order to obtain frozen or seized assets. A large risk in such
47 Mark Seal, Ruth's World, VANITY FAIR, Sept. 2009, at 216, 229, available at http:// www.vanityfair.com/politics/features/2009/09/ruth-madoff200909-2.
48 See, e.g., Aaron Smith, Madoff: 'I Knew This Day Would Come', CNN MONEY (Mar. 12, 2009, 3:33 PM), http://money.cnn.com/2009/03/12/news/newsmakers/madoff_courtappear ance/index.htm?iid=EL (describing Madoff's crime as "[o]ne of Wall Street's biggest swindles").
49 Complaint at 6, Sec. Investor Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC, 496 B.R. 744 (Bankr. S.D.N.Y 2013) (No. 08-01789), 2009 WL 2730174, at ¶15.
51 See, e.g., David Segal & Alison Leigh Cowan, Madoffs Shared Much; Question Is How Much, N.Y. TIMES, Jan. 15, 2009, at A1 (discussing the possibility that Mrs. Madoff had knowledge of the crime).
52 See Seal, supra note 47, at 229.
53 7 ALAN R. BROMBERG ET AL., BROMBERG AND LOWENFELS ON SECURITIES FRAUD § 19:5, at 19-23 (2d ed. 2014).
54 Id.; see also Complaint, supra note 49, at 2.
55 See BROMBERG ET AL., supra note 53, at 19-23.
a deal, however, is that it does not protect the spouse from civil claims.56 Although Ruth Madoff's deal did not protect her from civil claims, in cases where a spouse's innocence is uncontested there would likely be no basis for a civil claim. The spouse would likely be able to keep the full sum allotted in the settlement.
Another risk in striking a deal is that the spouse may end up having to settle for assets worth significantly less than those that were allegedly untainted, as was the case in Ruth Madoff's deal. In deciding whether to enter into a deal, a spouse will have to weigh the value of a lesser lump- sum payment against the potential difficulties in waging a legal battle to show that seized assets were untainted by fraud.
4. Divorce
In cases where an innocent spouse has divorced a fraud defendant, the spouse may be able to keep assets recovered in the divorce settle- ment, even if tainted. In 2011, the Second Circuit Court of Appeals va- cated a district court's holding that granted a preliminary injunction freezing the assets of a fraud defendant's ex-wife.57
Janet Schaberg and Stephen Walsh separated in 2004 and finalized a divorce settlement in 2006.58 The settlement required Walsh to pay Schaberg $12.5 million in biannual installments until 2020; allowed her to keep $5 million held in checking accounts during their marriage; gave her an interest in a New York home; and gave her sole ownership of other real property.59 In exchange, Schaberg waived her right to "any further equitable distribution, maintenance, or inheritance."60 The CFTC and the SEC sued Walsh, and sued Schaberg as a relief defendant, in the Southern District of New York.61 The suit sought to freeze the majority of Schaberg's assets because they were the proceeds of Walsh's fraud.62 Neither agency alleged that Schaberg was a participant in the fraud or had any knowledge of it.63 The district court rejected Schaberg's argu-
56 Mrs. Madoff's agreement with the government expressly provided that the trustee for the liquidation of Bernie Madoff's business would not be precluded from seeking to recover from Mrs. Madoff. Complaint, supra note 49, at ¶3. The trustee did file such a suit, alleging that he was entitled to recover the $44 million that Mrs. Madoff received in fraudulent trans- fers from Bernie Madoff's business. Id.; accord BROMBERG ET AL., supra note 53, at 19-24 (noting that after Mrs. Madoff's settlement, she was sued to recover funds that she had alleg- edly improperly received).
57 Commodity Futures Trading Comm'n v. Walsh, 658 F.3d 194, 196, 200 (2d Cir. 2011).
58 Id. at 196.
61 See id. at 197.
62 See id.
ment that a divorce decree could cleanse tainted funds transferred pursu- ant to the divorce and granted the freeze.64
On interlocutory appeal, the Second Circuit certified two questions to the New York Court of Appeals.65 The Court of Appeals answered the first question, whether proceeds of fraud are included in the defini- tion of marital property, in the affirmative.66 The Court of Appeals an- swered the second question, whether "a determination that a spouse paid 'fair consideration' . . . [is] precluded, as a matter of law, where all or part of the marital estate consists of the proceeds of fraud," in the negative.67
The Second Circuit then vacated the district court's ruling and re- manded the case.68 A basis for vacating was that the district court granted the freeze on the grounds that the divorce decree did not cleanse the tainted assets.69 Because the Court of Appeals clearly answered the certified questions contrary to the district court's reasoning, the freeze had to be vacated.70 On remand, the district court would have to con- sider whether Schaberg had given valid consideration for the assets, which could include giving up her right to maintenance, inheritance, child custody, or visitation.71 Valid consideration does not include giv- ing up a claim to a greater sum of tainted assets.72
The Second Circuit stated only that a prior finalized divorce decree could cleanse the taint from assets.73 It did not, however, address the question of whether a divorce decree could still cleanse the taint if the divorce occurs after the investigation has begun or if the freeze is already in place. However, this recent ruling would seem to affect only those spouses who have divorced the defendant and received the tainted assets before charges are brought against him. Although a divorce decree cleansing tainted assets would make it much easier for innocent spouses to regain their frozen assets, courts would not likely unfreeze such assets. The obvious reason would be that too many spouses might then abuse the access that a divorce could grant to their assets, and divorces would be encouraged as an easy way to regain frozen assets.
Nevertheless, there may be some hope that the ruling could apply to divorces initiated after investigations have begun or assets have been fro-
64 See id. at 198. 65 See id. at 197. 66 See id.
73 See id. at 196, 198.
zen, at least in New York, given that the Court of Appeals noted that a divorce decree may cleanse tainted assets "at least where the innocent spouse acted in good faith and gave fair consideration."74 This reasoning opens the possibility that the ruling would apply in such cases, allowing the spouse to move on with her life away from the defendant.
II. ANALYSIS
Let us consider an example. For ease of reference throughout this part of the Note, we will call our innocent spouse "Anne." Anne's hus- band is a defendant in a securities fraud case. It is undisputed in this case that Anne had no knowledge of her husband's wrongdoings. The court has granted a very broad TRO that freezes all of the defendant's assets and is in effect for anyone who holds assets of or shares assets with the defendant. Because Anne is the spouse of the defendant, this TRO cov- ers her assets. Furthermore, Anne has been named as a nominal defen- dant in the suit, potentially leaving her personal assets open to recovery.75 Let us also assume that because Anne has been a home- maker since marrying the defendant, she has few assets that are entirely her own. Anne is now left without assets to cover attorney's fees or living expenses to support herself and her two young children.76
A. Difficulties in Accessing Assets to Pay for Attorney's Fees
Assuming that Anne is entitled to one or more of the aforemen- tioned remedies, she will need an attorney in order to pursue any of them. In reality, however, attorney's fees can be a crippling cost that may prevent Anne from pursuing any of these remedies.
In cases where an attorney is not paid in advance, the issue will be whether frozen assets may be released to pay for attorney's fees. When the court imposes an asset freeze, it is not required to set aside separate funds to cover attorney's fees.77 The SEC generally opposes any motion to release funds to pay attorney's fees78 and courts often deny such re-
75 See Simmons supra note 17.
76 Although the situation may seem exaggerated, it is, in fact, a scenario that does occur
in real life. See, for example, the case of Maria Gonzalez-Miranda. Reply Memorandum of Law in Support of Motion by Maria Gonzalez-Miranda for Interim Relief and Modification of the Temporary Order Freezing Assets, SEC v. Illarramendi, No. 3:11-CV-00078 (JBA), 2011 WL 2457734 (D. Conn. June 16, 2011). In that case, all of Ms. Gonzalez-Miranda's assets were frozen when the SEC charged her husband. See id. at 2. Ms. Gonzalez was left with no funds to "feed, clothe, and educate her children and heat the home where she [resided]." Id. at 1 (note that she was seeking to heat her home in November in Connecticut). Ms. Gonzalez- Miranda was rendered so destitute that she was awarded state-provided assistance, specifically "food stamps, HUSKY insurance, and fuel." Id. at 3.
quests by defendants.79 The reasoning behind this is that the frozen as- sets may represent funds that belong to those who have been defrauded, and the defendant has no right to use "other people's money" to retain the attorney of his choice. For example, the Seventh Circuit has stated, "Just as a bank robber cannot use the loot to wage the best defense money can buy, so a swindler in securities markets cannot use the vic- tims' assets to hire counsel who will help him retain the gleanings of crime."80 This may effectively leave spouses such as Anne with no pos- sibility of paying an attorney to help her to obtain any of these equitable remedies.
Although the argument against using "other people's money" in a securities fraud case is appealing, upon further analysis, the logic is cir- cular. Assuming that some of the frozen assets are untainted, a defendant would require an attorney to make a showing that the assets are un- tainted. Yet such a showing could not be made without having funds released to pay for an attorney in the first place.
SEC v. Dowdell81 provides an example of a court's recognition of the unfairness in denying a defendant's motion to release assets to cover attorney's fees. The Dowdell court noted that the case law in this area is "anything but consistent on whether defendants in this type of civil en- forcement action may be permitted to pay attorney's fees with a portion of their frozen assets."82 In referencing the different views taken by courts, the court made note of the strict approach taken by the Seventh Circuit: "On one end of the spectrum is the Seventh Circuit which has not minced words in expressing its opposition to such requests."83 The Dowdell court, however, took a different approach than that of the Sev- enth Circuit:
This court's central concern is the fairness of the pro- ceedings. The court does not believe that it could achieve a fair result at the preliminary injunction hearing were it to deny defendants the ability to retain counsel. This is a complex legal matter, and lawyers are essential to the presentation of issues related to it.84
The court then held that it would approve a "reasonable" estimate of attorney's fees necessary for the hearing on the SEC's motion for a pre- liminary injunction.85
80 SEC v. Quinn, 997 F.2d 287, 289 (7th Cir. 1993). 81 175 F. Supp. 2d 850 (W.D. Va. 2001).
In United States v. E-Gold, Ltd.,86 the District of Columbia Court of Appeals also seemed to be in favor of releasing assets to cover the cost of attorney's fees for a post-seizure hearing. Although the seizure of assets was not in the context of securities fraud,87 the analysis of whether to release funds to pay attorney's fees would apply regardless of why the assets were frozen by the government. The D.C. Circuit recognized that although there may be an immediate need to issue an injunction to pre- vent the defendant from hiding the assets, this need must be balanced against the right to counsel of choice.88 The D.C. Circuit applied the test set out by the Supreme Court in Mathews v. Eldridge to determine the due process rights of a defendant whose property has been seized, weigh- ing three interests:
First, the private interest that will be affected by the offi- cial action; second, the risk of an erroneous deprivation of such interest through the procedures used, and the probable value, if any, of additional or substitute proce- dural safeguards; and finally, the Government's interest, including the function involved and the fiscal and ad- ministrative burdens that the additional or substitute pro- cedural requirement would entail.89
The D.C. Circuit noted that, under the first prong of the Mathews test, the defendant's private interest is not merely in using his property as he sees fit but is "augmented by an important liberty interest: the qualified right, under the sixth amendment, to counsel of choice."90 The qualified right to counsel of choice is established where "the defendants are not finan- cially capable of retaining counsel of choice without the seized prop- erty."91 The D.C. Circuit further echoed that "[t]he defendant needs the attorney now if the attorney is to do him any good."92
As evidenced by the foregoing discussion, there is no one standard that compels a court to act in any particular way regarding the unfreezing of assets for attorney's fees. The differing views, however, make it clear
86 521 F.3d 411 (D.C. Cir. 2008).
87 In E-Gold, the government obtained an ex parte seizure warrant to seize for forfeiture the funds in the defendant companies' accounts, after indicting the defendants for operating an unlicensed money transmitting business. Id. at 412–13.
88 See id. at 415–16.
89 Id. at 416 (quoting Mathews v. Eldridge, 424 U.S. 319, 335 (1976)).
90 Id. at 417 (internal quotation marks omitted). The D.C. Circuit chose to follow the
Second Circuit in recognizing the right to counsel of choice where assets have been seized. Id. at 416 (noting that the Second Circuit's precedent was "instructive"). As noted above, the Sixth Amendment is only implicated where the SEC brings a companion criminal case, and therefore does not apply in all situations that might arise in this Note. See supra note 42.
92 Id. at 418 (quoting United States v. Moya-Gomez, 860 F.2d 706, 726 (7th Cir. 1988)) (internal quotation marks omitted).
that it is entirely possible to release reasonable funds from an assets freeze to cover attorney's fees. Given the compelling circumstances of nominal defendants such as Anne, courts should be more lenient in re- leasing assets. Courts should follow the rationales set forward in cases such as Dowdell, which advocate for consideration of the unfairness of denying defendants the assets necessary to cover reasonable attorney's fees.
B. Procedural Due Process Considerations
A broad TRO freezing all of the assets of a spouse such as Anne might lead to the question of whether such a seizure amounts to a due process violation.93 There are some indicia of a violation, such as the ex parte nature of the hearing. The answer, however, seems to be that there is no such violation. Given that the TRO will be lifted should the ac- cused be found not guilty, the TRO is technically only a temporary depri- vation of property.94 Regardless, the temporary deprivation is still "subject to the constraints of due process."95 Normally, due process re- quires that, before a deprivation of property can occur, there is "notice and an opportunity to be heard."96 In some "extraordinary situations," however, notice and a hearing may be postponed until after the depriva- tion occurs.97 These "extraordinary situations" are governed by the three-prong test in Mathews.98
Under the Mathews test, freezing assets would not require a pre- deprivation hearing to comport with the requirements of due process. The interests of the SEC meet the extraordinary situation exception, be- cause the freeze will serve recognized government interests including, "(1) 'separating a criminal from his ill-gotten gains,' (2) obtaining sub- stantial funds for furtherance of law enforcement, [and] (3) permitting recovery of assets by their 'rightful owners.'"99 These government inter- ests outweigh the defendant's private interests and the risk of erroneous deprivation.100 Unfortunately, Anne is not entitled to a hearing before her assets are frozen; the granting of the TRO will remain an ex parte proceeding.101
93 The due process violation would be the deprivation of property without the due pro- cess of law. U.S. CONST. amend. V.
94 See United States v. Monsanto, 924 F.2d 1186, 1192 (2d Cir. 1991). 95 Id.
96 Id. (internal quotation marks omitted).
98 See discussion supra Part II.A.
99 Monsanto, 924 F.2d at 1192 (quoting Caplin & Drysdale, Chartered v. United States, 491 U.S. 617, 629 (1989)).
100 See id.
101 But see Goldberg v. Kelly, 397 U.S. 254, 264 (1970) ("[W]hen welfare is discontin- ued, only a pre-termination evidentiary hearing provides the recipient with procedural due
C. The Inefficiency and Unfairness in Granting Broad TROs
It is necessary to consider the rationale behind ordering broad TROs that prevent spouses from accessing joint assets that may be necessary for them to live off of. There is an interest in assuring that victims of the fraud are compensated. If, however, there were to be a later showing that some assets were untainted, in many cases those assets would be released and would not be used towards the payment of any penalties. Therefore, it seems excessive to freeze such assets from the start of the case.
There is a strong argument that society does not benefit when un- tainted funds are frozen. In extreme cases, spouses might be rendered so helpless that they qualify for help from the state.102 Thus taxpayers sup- port individuals who would otherwise be able to support themselves, if it were not for their funds being frozen due to a broad TRO.
An alternative option, the one advocated for by this Note, is to re- quire a showing that the assets to be frozen are tainted at the ex parte hearing—before the TRO is granted. Although the SEC must have power to ensure a recovery, a freeze on an innocent spouse's untainted assets is surely an overreach. Because in most cases the defendant has not been perpetrating the fraud for his entire career, there are very likely untainted assets that are being frozen. The court should be required to make a preliminary inquiry into—and the SEC should be required to present evidence of—what assets are untainted and to leave those assets out of the TRO. While it may be simple for the court to freeze one hundred percent of a defendant's assets, it would not be overly inefficient to require the court to make an inquiry into what assets are untainted before granting the order. Such an inquiry would prevent spouses like Anne from being deprived of all joint assets in cases where some assets are untainted.
Furthermore, defendants are likely to raise the issue of untainted assets when seeking to modify the order.103 Therefore, not only would the requirement serve the interest of fairness, it would also serve the interest of efficiency. First, the SEC will have already determined which assets are tainted. Second, if untainted assets are left out of the freeze initially, defendants may have enough funds to cover attorney's fees and living expenses and may not seek to modify the TRO. This solution would be particularly just for spouses like Anne, who have only a finan- cial interest in the case (as opposed to the liberty interests of a culpable defendant who could potentially be facing imprisonment). This solution
process."). There may be an argument that the seizing of funds necessary to pay for housing, food, and childcare may constitute the type of deprivation that was found to require a pre- termination hearing in Goldberg. Id. at 262.
102 See supra note 76.
103 See discussion supra Part I.B.2.
is fair because it would not cause innocent spouses like Anne to be de- prived of the funds they need for trial and would still freeze tainted funds that rightfully belong to the defrauded investors.
Another option that would lead to less unfairness in granting the TRO would be for the court to include a consideration of the hardships that would be placed on innocent spouses when granting the TRO. It is unrealistic to disregard dependents who will be impacted. In some cases, spouses may be deprived of their homes and funds to pay for their most basic living expenses. This is even more relevant in cases, such as that of Anne, where the defendant has young children.
The SEC's burden for obtaining an asset freeze is very low when compared to standards for an injunction in other types of cases, including other kinds of SEC cases.104 For a TRO to be granted, the SEC need only show that it is "likely to succeed on the merits."105 The SEC need not make a showing of irreparable harm.106 In civil litigation between private litigants much weight is given to a balancing of the hardships. For example, the Fourth Circuit uses a standard that requires balancing "the 'likelihood' of irreparable harm to the plaintiff against the 'likeli- hood' of harm to the defendant."107 Only when there is no clear differ- ence in the hardships should the court look to the merits of the case, and in such cases relief is "more likely to require a clear showing of a likeli- hood of success."108
Granted, the nature of securities fraud cases may not make them conducive to only a balance of the hardships test for a preliminary in- junction. The interests of the defrauded investors may require a lower standard for granting the TRO to protect against a defendant hiding a large amount of tainted assets. There is room, however, for some consid- eration of the hardships, especially when freezing the assets of innocent spouses like Anne. Furthermore, a balance of the hardships would be very pertinent for spouses whose personal assets have been frozen, even though they are innocent.
D. Innocent Spouse Relief in the Context of Tax Fraud
The law has recognized exceptions for innocent spouses for another type of fraud—tax fraud. Spouses often file joint tax returns because it allows them to take advantage of benefits that may not be available to
105 SEC v. Hede ́n, 51 F. Supp. 2d 296, 298 (S.D.N.Y. 1999) (quoting SEC v. Cavanagh, 155 F.3d 129, 132 (2d Cir. 1998) (internal quotation marks omitted).
107 Direx Israel, Ltd. v. Breakthrough Med. Corp., 952 F.2d 802, 808 (4th Cir. 1991) (quoting Blackwelder Furniture Co. v. Seilig Mfg. Co., 550 F.2d 189, 195 (4th Cir. 1977)).
108 Id.
those filing individually.109 The downside to this is that both spouses may be held jointly and severally liable for the entire tax liability.110 This is true even if only one spouse earns all of the household income or if the spouses later divorce.111 The Internal Revenue Service (IRS), however, will relieve spouses from paying tax, interest, or penalties if they meet certain criteria.112 One type of relief is aptly named "Innocent Spouse Relief."113
Four conditions are necessary to make an individual eligible for In- nocent Spouse Relief.114 First, the spouses must have filed a joint re- turn.115 Second, the return must have an understated tax due to the non- claimant spouse's errors.116 Third, the spouse claiming relief must show that at the time the return was filed, she had no actual knowledge of, and no reason to know of, the understated tax.117 And finally, unfairness would have to result if, "[t]aking into account all the facts and circum- stances," the claimant spouse were to be held liable for the understated tax.118
Furthermore, the IRS has made it even simpler for innocent spouses to escape liability in tax fraud cases by allowing two additional catego- ries of relief for those spouses who do not meet the standard for Innocent Spouse Relief. Under "Separation of Liability Relief," the IRS will only require the innocent spouse to pay for the portion of taxes she is liable
109 See, e.g., Dan Caplinger, Married Filing Separately: When Does It Make Sense?, DAILY FINANCE (Mar. 29, 2014), http://www.dailyfinance.com/2014/03/29/taxes-married-fil ing-separately/ (noting that for the "vast majority" filing joint tax returns saves money).
110 I.R.S. Publication 971 (July 17, 2012), at 1, available at http://www.irs.gov/pub/irs- pdf/p971.pdf.
111 Jason Alderman, "Innocent Spouse Relief" Protects Against Tax Fraud, HUFFINGTON POST, http://www.huffingtonpost.com/jason-alderman/innocent-spouse-relief_b_1631665.html (last updated Aug. 28, 2012).
112 I.R.S., supra note 110, at 2.
114 I.R.C. § 6015(b) (2012) (a timeliness requirement also applies).
115 § 6015(b)(1)(A) (2012).
116 § 6015(b)(1)(B), (C) (2012); see also I.R.S., supra note 110, at 5 (stating that an un-
derstated tax may take the form of either unreported income or an incorrect deduction, credit, or basis).
117 § 6015(b)(1)(C) (2012); see also Erdahl v. Comm'r, 930 F.2d 585, 590 (8th Cir. 1991) ("The standard we adopt for innocent spouse cases asks 'whether a reasonably prudent tax- payer under the circumstances of the spouse at the time of signing the return could be expected to know that the tax liability stated was erroneous or that further investigation was war- ranted.'" (quoting Stevens v. Comm'r, 872 F.2d 1499, 1505 (11th Cir. 1989))). Whether a spouse had reason to know of an understated tax is based on the facts and circumstances of the situation. Considerations may include the claimant's financial situation, her educational back- ground, any failure to inquire, and departures from a recurring pattern, among other things. I.R.S., supra note 110, at 6.
118 § 6015(b)(1)(D) (2012). Facts and circumstances to be taken into consideration in- clude whether the claimant spouse received a benefit from the understated tax and whether the non-claimant spouse has left or divorced the claimant spouse. I.R.S., supra note 110, at 6.
for (rather than holding the spouses jointly and severally liable).119 The IRS may also grant "Equitable Relief" to innocent spouses who do not qualify for either Innocent Spouse Relief or Separation of Liability Relief.120
The fact that the law has recognized an exception for innocent spouses in tax fraud cases suggests that the same could be possible in securities fraud cases. In both situations, an innocent spouse faces liabil- ity for the fraudulent actions of her spouse. Furthermore, in both situa- tions the innocent spouse would be liable to a third party—to defrauded investors and to the government. Requiring courts to consider undue hardships caused to innocent spouses in fraud cases seems analogous to the "out" given to innocent spouses based on the unfairness that would result if they were held liable for an understated tax. Given the feasibil- ity of granting Innocent Spouse Relief in federal tax fraud cases, a hard- ship inquiry prior to granting a freeze of assets in a securities fraud case is certainly possible.
Innocent Spouse Relief in the tax fraud context also suggests an- other pathway to protecting the innocent spouse in securities fraud cases: legislation. While this Note argues mainly for change through the judi- cial process, protection through legislation is also a viable option. Be- cause legislators felt it was necessary to codify innocent spouse protections in IRS law, legislators may also be open to protecting inno- cent spouses through changes to SEC statutes. Legislators could put in place a clearly defined burden of proof for the innocent spouse, akin to the IRS's innocent spouse relief. Such a rule would make it easier for innocent spouses to understand what is required to prove their innocence and would solve the procedural and financial burdens surrounding the release of untainted assets.
The increased occurrence of securities fraud enforcement necessi- tates a reevaluation of how such cases affect innocent spouses. In fact, such cases may have a large effect on not only the innocent victims of the fraud, but also the innocent spouses and children of culpable defend- ants. In some cases, spouses may have their assets frozen even when they have not been accused of any wrongdoing and where such assets are personal and not traceable to the fraud.
120 Id. at 8; see also Alderman, supra note 111 (discussing the leeway granted under Equitable Relief, including the IRS's elimination of the two year filing requirement, which aids innocent spouses who were unaware of the fraud, or were afraid to come forward for reasons such as domestic abuse).
Innocent spouses may have equitable remedies available to them— requesting a modification of the TRO or showing that frozen assets are untainted by the fraud. But these remedies may not be enough. Courts are often unwilling to modify a TRO, even in cases where the defendant has made a showing that the assets are untainted by the fraud. Innocent spouses may also be able to enter into a deal with the government to retain some assets; however, the amount of assets retained may be very limited. Such a deal also may not protect the spouse from civil claims. Moreover, even if spouses like Anne divorce the defendant, they will likely be unable to retain any assets granted in the divorce decree if they are deemed to be tainted by fraud.
Furthermore, to pursue any of the equitable remedies that spouses such as Anne may have available requires that the spouse have funds to cover attorney's fees. For many this may prove very difficult, even im- possible. Thus, a spouse may be effectively prevented from pursuing any remedies. Although some courts have realized that this is inherently unfair, other courts continue to refuse to allow assets to be released from a freeze. While denial of a motion to release assets may be fair where the assets are tainted, maintaining a freeze on the untainted assets of an innocent spouse is an overreach that should be remedied.
The solution suggested in this Note is to narrow the scope of the TRO granted to the SEC when they bring an action. This Note recog- nizes that there is a strong interest in maintaining an ex parte proceeding so that the defendant will not find a way to hide any assets before they are served with the order. However, the proceeding could still require that the SEC make a showing that the assets are tainted by the fraud. Currently, the SEC would have to make such a showing in a later prelim- inary hearing upon the defendant's request; therefore, this simply moves up the timing.
Such a solution is in the interests of both fairness and efficiency. The solution is fair because it allows an innocent spouse to make a show- ing that the assets frozen are untainted without preventing the spouse from using those very assets to pay an attorney. Furthermore, this solu- tion would be in the interest of efficiency because it could reduce the need for a later hearing to show that the assets are untainted.
The court could also raise the standards for granting a TRO. Cur- rently, the standard is very low in comparison with injunctions in other contexts. Raising the standard to include a balancing of the hardships that would occur if the TRO is granted would help to remedy some of the unfairness experienced by spouses such as Anne.
Clearly, it is possible to maintain an effective system of freezing funds that have been obtained illegally without punishing those who are innocent. This is evidenced by the fact that the government has found a
way to do so in other situations, namely in cases of tax fraud. Innocent spouses are granted multiple forms of relief if, unbeknownst to them, their spouse commits tax fraud. Surely, if such broad exemptions have been made in the context of tax fraud, concessions can also be made to protect innocent spouses in securities fraud cases.
In conclusion, there are multiple ways that the court could protect the interests of innocent spouses in securities fraud cases. Furthermore, the ex parte nature of the proceedings could be maintained, thereby guarding against the possibility of the defendant hiding assets, while of- fering more fairness in the scope of the assets frozen—granting reasona- ble attorney's fees. Most importantly, these potential solutions offer a way to make SEC actions fairer and more efficient without forfeiting the key goals of the SEC.
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text:
Alfred Deller
Teatro Regio di Torino
São Paulo Symphony Choir
Aida Garifullina
Paul Reale: Chopin's Ghost
Hannover Philharmonic
Julia Draganović
A Very Impressive Disc
GEOFF PEARCE listens to music for trumpet by Australian composer Brendan Collins
'There is some fantastic playing by all the artists on the disc which is sure to delight all who hear it.'
I hadn't heard of Brendan Collins before, but he is a very accomplished Australian composer with a background as a trombonist.
The first work on this disc is scored for piano and trumpet and entitled Concert Gallop. This sets the tone for the quality of the rest of the disc. This work was inspired by the escape of an infamous Australian bushranger, Captain Thunderbolt. It is under six minutes long but goes through a variety of emotions and reflections, as well as some fast passages to give the feeling of galloping horses and pursuit. The playing is precise, the trumpet sound warm, with the right amount of edge and the piano plays as a full partner in this romp.
Listen — Brendan Collins: Concert Gallop
(track 1, 4:17-4:56) © 2019 Navona Records LLC :
The next work is Serenade for trumpet and piano - a kind of ballad and very expressive and tender. The trumpet sings beautifully and the pair handle the subtle shades and rubatos beautifully.
Stomp was written for a trumpet competition. It displays as many aspects of trumpet playing techniques as possible in the space of four minutes, and whilst being a virtuoso show piece, it is not at all flashy and quite satisfying to listen to. Trumpeter Phillip Chase Hawkins and pianist Maria Fuller again show what a great team they are.
Listen — Brendan Collins: Stomp
The Sonata for Trumpet and Piano was written for the trumpeter on this recording. The first movement is a Chorale and Presto. The Chorale is a slow, broad hymn-like tune, a little restless because of the harmonic shifts. This gives way to the Presto section. This is quite carefree music, and has a swing to it, in spite of the constant changes in meter.
Listen — Brendan Collins: Presto (Sonata for Trumpet and Piano)
The very short second movement, 'Romp', is exactly that - a light and carefree little piece which does not say a lot, but it's not supposed to: it's a little piece for pure enjoyment's sake.
The last movement, 'Ethereal', starts with a fairly long piano introduction before the trumpet enters in the low register. This movement rounds off the sonata in a very satisfying way and again fully illustrates how well these two artists truly compliment each other.
All the works on this disk were written after 2010, but the Pastorale for trumpet, trombone and piano from 2018 is the most recently composed. This was originally conceived as a work for trombone and piano, but this reworking gives prominence to all instruments. It is a beautiful little piece with a small town or rustic feeling, hearkening back to the days when small communities still had relevance. There is a 'delicious in innocence' feeling about this music.
Listen — Brendan Collins: Pastorale for trumpet, trombone and piano
The Concerto for two trumpets from the previous year is next. The opening 'Misterioso' is lively and all three performers are in the spotlight. There is a jazzy feel to this with its lively syncopation and rollicking nature.
The second movement is slow and again, all three performers are treated equally as soloists, at times coming together to produce lovely sonorities. This lovely cool music starts with a heartfelt piano introduction.
The final 'Presto' hearkens back very strongly to the Opera Buffa composers of the earlyish nineteenth century, and Andy Lott's second trumpet is given a much more prominent part. There are a lot of trumpet calls and there is an extended cadenza. This is happy and virtuosic music and will delight listeners. I feel this is the most satisfying track on this very fine disc.
Listen — Brendan Collins: Presto (Concerto for two trumpets)
(track 10, 0:41-1:41) © 2019 Navona Records LLC :
In Scherzo for trumpet, violin and piano from 2014, the violin is frequently plucked to provide an off-beat effect, and this is also mimicked by the piano. This is quite a sophisticated little piece that would serve as an impressive encore, sure to have the audience toe tapping.
Listen — Brendan Collins: Scherzo for trumpet, violin and piano
The final work is the Concerto for trumpet (2011). Whilst the composer was inspired by classical composers from Vienna, this is in a modern setting. The first movement opens with a piano introduction before the trumpet enters boldly. This is in sonata form with a 'double exposition'. There is nothing academic or stodgy here, however.
The second movement, 'Slow and Dramatic', is the longest track on the disc and the trumpet is given some beautiful slow melodies that encompass the full range of the instrument. I feel a Spanish flavour in this movement.
Listen — Brendan Collins: Slow and Dramatic (Concerto for trumpet)
The last movement, 'Allegro Vivace' is a real tour de force, and employs some of the more advanced techniques, contains an extended cadenza and then maintains its intensity right up to the end.
This is a very impressive disc and showcases some music that is very listenable and immediate. There is some fantastic playing by all the artists on the disc which is sure to delight all who hear it.
Copyright © 18 September 2020 Geoff Pearce,
CD INFORMATION: GREAT SOUTHERN LAND
FURTHER TRUMPET ARTICLES
FURTHER ARTICLES ABOUT AUSTRALIA
FURTHER INFORMATION ABOUT NAVONA RECORDS
The background image on this page is derived from a 2007 helicopter view of Uluru, otherwise known as Ayers Rock, in Australia, by Marc Feipel.

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                             -Url "$url" `
                             -UnzipLocation "$toolsDir" `
                             -Checksum "$checksum" `
                             -ChecksumType "$checksumType"

Set-Content -Path ("$installFile.gui") `
            -Value $null

redpajama_set_name: RedPajamaGithub


We are promoted by expert and renowned industrialist, who have been associated with Ayurvedic medicines, for more than two decades.
A yurveda may come from ancient texts, but these principles are just as applicable today in our society as they were when they were originally recorded in India. Ayurvedic living occurs when you recognize your basic nature and live according to this true self.
GreenCross Health Innovation is a consumer centric company manufacturing Ayurvedic medicines, Herbal Products, Dietary supplements, Nutraceutical & Vitamins that was established in 2002. Today the company is exporting its products to UK, Mauritius, and parts of Europe. At GreenCross Health Innovation, the knowledge of Ayurveda is complimented with scientific research and modern manufacturing techniques. After a decade of extensive research and development studies, GreenCross has manufactured a unique range of authentic Ayurvedic formulations for promoting natural health and wellness.
We have over 50 medicines in our existing range of Ayurvedic Medicines, for treating a wide range of ailments and body conditions.
GreenCross is experiencing accelerated growth, since its inception in the year 2002.
The profound knowledge and rich experience of the Team has assisted the company to acquire distinguished position amidst the dependable.
The Team has a panel of doctors and experts along with the business and market expert.
GreenCross is promoted by expert team and successful and renowned industrialist, who have been associated with Ayurvedic medicines, for more than two decades.


A huge family room with seating for everyone centered around a roaring hearth sounds idyllic – because it is. You aren't going to find that in most urban homes. Nor are you likely to find a giant room with a king-sized bed, plenty of seating, dressing areas, and a fireplace. Most urban spaces are either small or just small in perspective, not providing the space we would like to deal with all of life's demands. We want our bedrooms to be places we can sleep, relax, study, exercise, and accommodate guests, but they are typically only large enough to create comfortable sleeping areas for ourselves.
Expand Furniture has several sofa wall beds that can fit your space, but the Murphy sofa sectional Clean Wall Bed is ideal for an urban bedroom. It offers plenty of seating room, including a chaise for when you want to stretch out with a good book but you aren't ready to settle into bed. You can keep the bed put away during the day, when you'd rather use the room as a communal space. For example, you might use this bed in a child's play room or a home office. Then you can pull down the bed when you have guests or when you need to turn the room into a bedroom at night.
The Clean Wall Bed is a gorgeous sofa wall bed with simple lines that are perfect for any modern décor. The couch is unfussy, but it's not plain – it's sophisticated and contemporary. It comes in gray or sand, which you can dress up with accent pillows with pops of color. The bed comes in a white gloss, and it is flanked by shelving for books or décor.
The primary way that modern sofa beds excel over traditional sleepers is that they have much more comfortable mattresses. The Harmony Renoir sofa bed has a queen-sized memory foam mattress that will feel like sleeping on a cloud. The memory foam supports sleepers in all the right places while offering a sumptuous, soft sleeping area everywhere else. The foam contours to the sleeper's body, providing all the right support.
Meanwhile, the Harmony Renoir sofa bed has a simple yet sophisticated design that fits right in with urban bedrooms. It has a stately gray fabric and clean lines, and it can blend with any modern décor. Put this sofa bed in a guest room or home office to easily accommodate guests when they are in town. The mattress converts effortlessly so you don't have to fuss when everyone is tired and ready to sleep.
The Compatto is a stylish sofa wall bed that includes a floating shelf on the cabinet. The floating shelf allows you to put things like books or decorative items over the sofa so that there is not a plain white background there. When you pull down the bed, you don't even have to take things off the shelf. The whole piece swings down so that it hangs below the bed when it is in use.
The sofa itself features the same contemporary design of many of Expand Furniture's other space saving sofa beds. The back sofa cushions push down easily when the bed comes down, so you don't have to move the sofa out of the way to use the bed. The whole unit is designed for ease of use and maximum comfort when sleeping or sitting.
Finding the perfect sofa wall bed for your urban bedroom is about finding the right combination of style and comfort, and all of these beds fit the bill.
Expand Furniture has many other space saving sofa beds that would be idea for your urban bedroom or really any other room in your contemporary home. These sofa beds feature European styling, high-quality fabrics and other materials, and expert craftsmanship that makes them easy to use. You can put these modern sofa beds in your home to make better use of the space and to elevate the décor. Explore our online catalog to find the perfect sofa wall bed or to explore our other space saving furniture options. We have everything from sleeper sofas to modular wall shelves to transforming tables.


Our longing is to love who we are right now, and to be all we can be. Sometimes it feels as if there is a part of us that is our own worst enemy.
I wonder if you know those days….? A to do list as long as your arm, and a totally empty day. Sounds like a good match. But the empty day somehow gets frittered away….. Watching another episode of something or other on Netflix…. Refreshing the Facebook feed one more time, and getting distracted by some 'fascinating' article on something or other…. Eating something or other….. etc…. And all of these "something or others" distract us from our own becoming. And then at end of the 'unproductive' day, loving ourselves seems like an impossible dream.
Lately I have come to think that those 'unhelpful' patterns are actually the key that can unlock the door to freedom.
"Addiction" may seem a strong word. But if we can bring our loving attention to the plight that we are in, when we sabotage ourselves, rather than thinking this is just a matter of weak will, then we can soften into tenderness and live fully in freedom.
Movement Medicine invites us to dance deep into the experience of our own bodies. Each of us is a dancer who has wild wisdom and deep knowing! Movement Medicine keeps bringing us back to the dancing warrior who knows how to find a way. You need no prior experience, only a desire to dance. Movement Medicine holds the hope of so many tools and maps to support us to dance our own true Dance. We will have time to dance and talk and share. And to drop into Ceremony, offering all of it to the support of the mystery that lies at the heart of everything.


The French Lieutenant's Woman is one the the novels that seems to make all the Top 100 lists, whether personal or commercial. They even made the novel into a motion picture starring Meryl Streep and Jeremy Irons. I never felt the need to watch the movie but I was aware that it's structure involved the contrast between a fictional story set in the 1860s and a modern-day production being filmed of that same story. I assume the themes and ironies were developed by the contrasts between the original story and the revised story being turned into a movie. But for all I know the contrasting time periods served only to make the themes seem more complex than they were.
Unlike the film, the book never leaves the 19th century but the author interjects more than enough commentary to show that it is all fiction and the events and characters are invented and manipulated solely by the writer. So The French Lieutenant's Woman is both a Victorian novel and also a postmodern treatise on the artificiality of the novel and the methods the author uses to create his fiction.
Unfortunately, postmodern fiction like this is not surprising or fresh nowadays and for me the novel suffered from lack of interest. The story is almost a cliché: a wealthy aristocrat destroys his life by falling in love with a woman of dubious background. Other novelists have developed the sordidness of this affair with much richer and evocative prose. Sarah, the fallen woman, is decidedly a transistional character, moving from Victorian social requirements to a freer more modern approach to life. Charles, the nobleman, unfortunately continues supporting the old ways and in the end loses pretty much everything. She grows; he doesn't.
Although the novel was longish and ultimately tedious, it did keep up my interest for the most part. I find that John Fowles writes novels that catch my interest, sounding like something I really want to read; but I'm not sure that Fowles can follow through and deliver the novels he seems to promise. Is this just my jaundiced reader-response souring my experience with his novels, or is Fowles not as good as some seem to insist?
I absolutely loved The Collector! I can still remember the night I read it back in the 60s. It kept me awake reading and then I was afraid to get up and go into the bathroom. Being blonde, I only wanted to huddle under the covers in safety.
I think it was The Magus that I read next and then The French Lieutenant's Woman. That was it for me and Fowles. As often happens, I only liked the one least touted by critics, or perhaps only mentioned by them in passing.
I too started with The Collector but it was The Magus (original edition) that interested me the most. I suppose I was just starting to prefer that now somewhat clichéd theme of not knowing what was real and what was fiction. Of course I soon formulated my lifetime mantra: Its All Fiction!
I remember the movie of The Collector as being a tad intense, also. Although I am (or rather was) blond too but I didn't worry very much about being abducted and confined to someone's basement.
LOL, you weren't a wimpy woman, Mike. Alas, I am no longer blonde either.


text:
(-) Climate Change, Environment, Energy
(-) Politics
Two Rhode Island Coastal Flood Defense Projects Provide Lessons for Making Future Infrastructure Projects More Successful
More than ten years have passed since Hurricane Sandy exposed New York City to devastating coastal flooding. Several cost-effective flood…
The Truth about Truth-Telling and Racial Justice: Field Notes from Northern Ireland, Rwanda And South Africa
In 2021, Congresswoman Barbara Lee and Senator Cory Booker proposed legislation to establish a United States Commission on Truth, Racial Healing, and…
The Role of Media in Hard Times
Hanno Hilbig, 2022-2023 CSDP Fellow, Princeton University
Freedom Dreams? An Empirical Assessment of Black Americans' Competing Ideas of Antiracism
Jared Clemons, 2022-2023 Joint Fellow, CSDP and Politics, Princeton University
Europe's Proposed Climate Plan Will Outsource Deforestation and Harm Biodiversity
Europe's "Fit for 55" climate plan, through its bioenergy rules, outsources deforestation and sacrifices Europe's opportunity for a beneficial land…
Working Together for a Better America – A Bipartisan Dialogue Between Two US Congressmen
Now that the 2022 Midterm elections are (mostly) behind us, let's have a bipartisan conversation about civil discourse: Why are we so polarized as a…
C-PREE Bradford Seminar: Projecting the Clean Tech Race: Modelling Technologies' Competition Dynamics and Implications for Policy Design
Tobias Schmidt is Associate (tenured) Professor and head of the Energy and Technology Policy Group (EPG) at ETH Zurich. He also serves as the…
Compounding Climate and Social Hazards Result in Different Migration Patterns Around the World
In agricultural communities, migration patterns are affected by the collective impacts of climate-related droughts and existing social…
SPIA Students Explore the World's Climate Challenges at COP27
Recognizing the importance of introducing the next generation to some of the world's most important policy conversations, the Princeton School of…
C-PREE Bradford Seminar: Money (Not) to Burn: Payments for Ecosystem Services to Reduce Crop Residue Burning
Particulate matter dramatically lowers life expectancy in India, especially in north India where crop residue burning is a significant contributor to…
MPP Forum: The Processes and Rules of the U.S. House of Representatives with Will Feeney MPP '23
Benny Merris: Know Love Protect
Join us to celebrate the opening of Benny Merris: Know Love Protect at Bernstein Gallery.
Is Polling Good for Democracy?
Public opinion polling is the ultimate democratic process; it gives every person an equal voice in letting elected leaders know what they need and…
Princeton Researchers Tackle Infectious Disease, Climate, and the Link Between the Two
As experienced in the recent COVID pandemic, the outbreak and rapid spread of infectious disease has potential to dramatically impact human morality,…
C-PREE Bradford Seminar: Taking Science to the Streets: Participatory Research Approaches to Improve Environment, Health, and Quality of Life in Urban Areas
Environmental justice communities, those disproportionately affected by pollutants, are simultaneously exposed to multiple environmental stressors…


text:
Fuqua Insights
Keisha Cutright | Shoppers spend more when they're dressed to impress
Shoppers Spend More When They're Dressed to Impress
More formal attire boosts confidence, reduces decision-making anxiety, research shows
Behavioral Science, Marketing
Sharp-dressed shoppers put more items in their carts and spend more money than their casually dressed counterparts, according to research from Duke University's Fuqua School of Business.
How much more?
In one research experiment, shoppers in dressier clothing, such as a dress or blazer, bought nearly 18 percent more items than shoppers in casual outfits, such as T-shirts and flip-flops. Well-dressed shoppers also spent about 6 percent more money than casually-dressed shoppers, according to "The Aesthetics We Wear: How Attire Influences What We Buy," a paper co-authored by Fuqua marketing professor Keisha Cutright and published in the Journal of the Association for Consumer Research.
Other experiments by Cutright and collaborators at the University of Michigan and Arizona State University found that well-dressed shoppers' interest in buying items was 12 to 16 percent higher than their casually dressed counterparts.
This is because when you look sharp, you have more social confidence, and this reduces anxiety people have about making decisions, Cutright said.
"There is a lot of prior research showing how appearance impacts our perceptions of others, such as when professionals wear uniforms, or for example, how better-dressed teachers get higher ratings," she said. "We focus on how your dress affects your own perceptions. When you're dressed formally, you believe that other people are looking at you more favorably and they believe you are more competent. If you feel confident, you can buy whatever you want without worrying what other people think or whether they will be judging you negatively."
To test this effect, Cutright and collaborators ran a series of studies that involved more than 800 volunteers. In some experiments, volunteers were asked to imagine themselves shopping in a dressy or casual outfit or even created an avatar of themselves, which they dressed to go shopping in a virtual store, almost like playing a video game.
For another study, the researchers set up a shopping experience in a room where they could observe volunteers. Some volunteers were told the store was sponsored by the popular department store Nordstrom while others were told it was sponsored by T.J. Maxx, a discount store of lower prestige. The effect was the same in both scenarios – well-dressed shoppers chose more items and spent more money.
There was only one scenario in which casually dressed shoppers were the ones spending more money – in counterculture stores, such as Hot Topic and Zumiez, that reject mainstream dress for edgier punk and goth aesthetics. Well-dressed shoppers didn't demonstrate the same confidence in these settings as they did in mainstream stores, Cutright said.
The researchers also ran a study to test whether retailers can influence how people dress when coming to their stores and found ads with more formally dressed models prompted would-be customers to choose nicer outfits to go shopping in.
"We saw that retailers could influence what people wore, and then depending on what people wore, that affected the store's sales," Cutright said. "So there are some practical implications from this research for retailers."
Both retailers and shoppers may be surprised by these findings, she added. When interviewed for the research, both volunteer shoppers and store managers said they didn't think what a customer was wearing would have any influence on how they shopped.
For more information contact our media relations team at media-relations@fuqua.duke.edu.
FUQUA INSIGHTS ARCHIVE
FUQUA INSIGHTS Home


Most animals prefer the comfort and familiarity of their own homes. To keep your pet healthy and happy, I offer the following services in the Minneapolis/St. Paul, MN area.
Distance Reiki $60 per hour (includes 15 minute human to human conversation to see what's up with your pet, 35 minutes of Reiki healing, 10 minutes of human to human debrief).
Please call or email me to schedule a time that works for you!


Personalised gifts perfect for Wedding Anniversaries. Personalise a bottle of wine with a photo of the couple and a personalised message to the couple on their anniversary. You can personalise a bottle of wine or champagne style sparkling wine especially for a 25th Anniversary, 30th Anniversary or even 40th Anniversary and more.
Personalise a bottle of Champagne with an elegant label. Add a photo of the couple on their 30th Anniversary and present your gift to the couple also on thier 1st, 5th, 10th or 20th etc Anniversary. This unique and unusual gift and present is perfect and will be a great keepsake for many years to come. This unique gift and present also makes an unusual personalised gift for your parents on their Anniversary.
Follow the links above to find the best wedding anniversary gifts suited to the anniversary you are celebrating or buying a personalised gift for. We have a wide range of unique and unusual wedding anniversary wine gifts that can be personalised by adding a photo of the couple and a unique message. An example of the message you can put on the bottle of personalised wine or personalised champagne style sparkling can be "Happy Anniversary, wishing you happiness today and for many years to come."
Personalised wine or Champagne makes a perfect gift for a 1st anniversary gift. Add a photo of the couples Wedding from a year ago and personalise the Champagne anniversary gift with your message wishing them a happy anniversary and the wonderful years to come. Don't forget the personalised present gift can be made even more special and unique for your parents with a photo of them from their wedding day and a personalised and unique message from you to them.
We have broken down all our anniversaries by year and you can choose the wedding anniversary gifts by the year. To pick the the appropriate wedding anniversary gift just click on the correct year. There are a lot of major anniversary milestones. Many people like to celebrate their first anniversary, and though many may consider the first one to not be a major one, it is important to a lot of couples because essentially it is their first anniversary and is the first of many to come and also reminds the couple of their wedding day. You can show this major milestone by getting the happy couple a gift for this anniversary year. Personalise the wedding anniversary gift present adding a photo image to the wine gift and you unique personalised message. The anniversary gift for the year they are celebrating can be made even more special by adding a gift box such as the wooden wine gift box or the normal card box which still looks really good.
Anniversary gifts for your parents are difficult, do you get one for each parent or do you get one gift for both of them. With a bottle of personalised wine you can choose to get your parents a Anniversary gift for either both of them or one bottle of wine for each. You can put a photo of your parents on the bottle or maybe even a photo of your Father on one and your mother on another, maybe a bottle of wine wine for the gift. Then to make the anniversary gift for your parents even more special you can add a gift box for the wine to make the presentation look even more special. These presentation gift boxes are lined with green silk and really make the bottles and your anniversary gift for your parents really stand out.
Anniversaries come round once a year and sometimes maybe a card or flowers will suffice, but for a big anniversary such as 10th, 20th or 30th Anniversary it's important to come up with a really good anniversary gift idea. Coming up with a good anniversary gift idea can be hard, and at Winemax.ie we have plenty of ideas that you can get your partner, parents or friends on their big anniversary. Our personalised bottles of sparkling champagne are a great anniversary gift idea. You can personalise the idea with a photo and add a message. To personalised this anniversary gift idea click here. Other unique anniversary gift ideas include personalised glasses, personalised candles and personalised plates.


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'Rise': Diallo Riddle Set To Recur On NBC Drama Series
October 10, 2017 9:00am
Courtesy of Persona PR
Marlon's Diallo Riddle is set for a recurring role opposite Rosie Perez in NBC's upcoming drama series Rise, from former Friday Night Lights showrunner Jason Katims and Hamilton producer Jeffrey Seller.
Written by Katims and starring Josh Radnor, Rise was inspired by the story of groundbreaking high school drama teacher Lou Volpe as chronicled in the book Drama High. In the series, when dedicated teacher and family man Lou Mazzuchelli (Radnor) sheds his own self-doubt and takes over the school's lackluster theater department, he galvanizes not only the faculty and students but the entire working-class town.
Riddle will play Andy Kranepool, a quirky high school science teacher who carries a torch for Tracey (Perez).
In addition to Radnor and Perez, the cast includes Marley Shelton, Auli'i Cravalho, Damon J. Gillespie, Amy Forsyth, Rarmian Newton, Ted Sutherland, Casey Johnson, Taylor Richardson, Joe Tippett and Shirley Rumierk. Katims also executive produces with Michelle Lee, Seller and Flody Suarez.
Riddle plays Stevie, Marlon Wayan's overly intelligent, yet oblivious friend from college, on NBC's Marlon, which was recently renewed for a second season. He's also known for his work as a writer on The Tonight Show Starring Jimmy Fallon, and for his recurring role on HBO's Silicon Valley. Riddle is repped by CAA.
Diallo Riddle


In many industrial applications drives need to be monitored for rotational speed or standstill. In the automotive, food, beverage, steel and mining industries, speed sensors are used to reliably detect standstill, overspeed and underspeed of drives or belt break on conveyors.
ifm's product range for conveyor belt system monitoring covers belt drift switches, safety rope emergency stop switches, motor switches, compact speed monitors and 3D sensors.
The belt drift switch is used to protect the belts from damage or destruction in case of belt misalignment on continuous conveyors. Using safety rope emergency stop switches, vast hazardous areas can be secured. Motor switches are used to reliably switch three-phase motors in direct or reversing operation.
Using AS-i, PCBs, rope switches, belt drift switches and other switches can be integrated into AS-i systems. If needed, this can also be safety-related (Safety at Work).


Arе you looking tо hire a Los Angеlеѕ bаѕеd marketing agency tо hеlр you with driving customer activations in the L.A. market or just re-design your companies website? Mаrkеting in the greater Lоѕ Angеlеѕ County market iѕ essential for аnу company that desires tо broaden thеir brand awareness and drive new customer activations in Los Angeles. Hоwеvеr, L.A. has an enormous pool оf tаlеntеd and credentialed marketing firms thаt brands саn tар to drive awareness, acquisition and retention. As such, your brand really needs to either get referrals from companies who really like their Los Angeles marketing agency, or do your research online when browsing through options.
Lоѕ Angеlеѕ iѕ a diѕtinсt market раrtlу because this city has achieved worldwide rесоgnitiоn аѕ bеing a trеndѕеttеr also the entertainment capital of the world. L.A. hosts not only the second largest media market, but also hosts some оf thе grеаtеѕt award shows, concerts, sporting events, trade shows, соnfеrеnсеѕ and conventions in thе wоrld. Therefore, brands are now leveraging local marketing companies to craft the messaging and positioning which will most effectively to resonate with Los Angeles residents and tourists to boost customer activations and retentions.
Rеgаrdlеѕѕ оf whether juѕt ѕtаrting-оut in business, re-branding your existing business оr alternatively looking for new and trending mаrkеting ѕtrаtеgiеѕ, сеrtаin еlеmеntѕ muѕt be in рlасе bеfоrе in сhооѕing the right la marketing аgеnсу fоr ѕuссеѕѕ for bе асhiеvеd. Hеrе are ѕоmе tips to help уоu find the right соmраnу tо dеаl with.
Yes, it can be ѕmаrt to uѕе thе wеb as your guidе fоr juѕt about anything nоwаdауѕ. Aѕ a consumer уоu саn find оut a lоt оf infоrmаtiоn tо hеlр уоu сhооѕе a рrоduсt оr ѕеrviсе provider thrоugh thе internet. Sеаrсh аt your leisure from thе comfort оf уоur соmрutеr withоut having tо wаit for rеturn рhоnе calls.
Tip: Dеаl locally ѕо уоu dоn't have tо wоrrу аbоut timе zоnеѕ and you can sit in-person with the consultants and developers. Surе, it mау ѕееm likе аn оvеrѕеаѕ соmраnу iѕ рriсеd right but dо уоu wаnt tо wаit for rеturn calls bесаuѕе thеу'rе in a diffеrеnt time zоnе or even worse, they no nothing about Los Angeles culture? Would уоu seriously wаnt tо deal with a Boston marketing company when you are trying to drive engagement and customer activations with consumers in Los Angles?
Whеthеr уоu аrе seeking a tоtаl rе-brаnding of уоur image оr соnсеntrаting оn ѕресifiс аrеаѕ. Equаllу, whether уоu wаnt tо make аdjuѕtmеntѕ tо already wеll еѕtаbliѕhеd рrоduсtѕ аnd services оr сrеаtе a ѕlоgаn оr lоgо for nеw brаndѕ. Iѕѕuеѕ ѕuсh аѕ the ѕizе аnd pedigree оf the аgеnсу рlау a раrt hеrе, аѕ a lаrgе аgеnсу might be better equipped to create аn еntirеlу new brand identiy system and ad campaign fоr уоu whilе a уоungеr, ѕmаllеr marketing аgеnсу in Los Angeles соuld hаvе mоrе imаginаtivе ideas for a nеw рrоduсt launch or website re-design.
Decide whеthеr уоu are looking to brаnсh оut intо a new market оr gеnеrаtе grеаtеr аwаrеnеѕѕ in аn еxiѕting mаrkеt. Yоu might, fоr inѕtаnсе, want tо арреаl to a younger or more sophisticated audience or feel уоur existing mаrkеt share соuld bе inсrеаѕеd in аrеаѕ whеrе уоu have trаditiоnаllу done well. In either case it iѕ wоrth reviewing thе mаrkеting agency's еxреriеnсе of working in уоur раrtiсulаr fiеld аnd whеthеr thе agency has the ѕuffiсiеnt number of contacts to bе аblе tо reach your аudiеnсе. If уоu аrе looking tо inсrеаѕе соnѕumеr аwаrеnеѕѕ of a new rаngе of ѕоарѕ, ѕау, will the marketing agency's еxреriеnсе оf lаunсhing an entire multi-channel marketing campaign for a bаthrооm fitting соmраnу hаvе аnу rеlеvаnсе? Whаt wоrkѕ for one audience might nоt necessarily wоrk fоr аnоthеr, ѕо аѕk questions аbоut whаt sort оf саmраign ѕuitѕ уоur рrоduсt аnd trу to diѕсеrn whеthеr you аrе givеn gеnеriс аnѕwеrѕ оr уоur раrtiсulаr nееdѕ are taken intо соnѕidеrаtiоn.
Identify whеthеr it iѕ thе content оr thе fоrm оf уоur mаrkеting thаt requires аttеntiоn. In other wоrdѕ, are уоu trying to develop particular аѕѕосiаtiоnѕ for уоur рrоduсtѕ оr services so they bесоmе immеdiаtеlу rесоgnizаblе tо соnѕumеrѕ? Or dо уоu fееl the marketing сhаnnеlѕ by which уоur message iѕ being broadcast аrе inаdequаtе аnd nееd optimizing? It is nо good hiring a mаrkеting аgеnсу fizzing with grеаt idеаѕ but withоut thе infrаѕtruсturе to bе аblе tо create and implement them.
The аbоvе points should hеlр you idеntifу whiсh services you wаnt thе marketing аgеnсу tо perform. Inevitably, diffеrеnt аgеnсiеѕ will have diffеrеnt ѕtrеngthѕ and wеаknеѕѕеѕ, ѕо pay сlоѕе аttеntiоn tо hоw much еxреriеnсе each prospective marketing agency in Los Angeles hаs relating to your particular industry аnd the аmоunt оf success they hаvе hаd in ѕimilаr саmраignѕ in the past.
It iѕ аlwауѕ a gооd idea tо kеер your еуеѕ ореn fоr campaigns thаt imрrеѕѕ уоu and саll up thе mаrkеting dераrtmеnt of thе company to ask who hаndlеd thеir саmраign and whаt it wаѕ likе wоrking with thеm. Equаllу, аѕk еx-сliеntѕ оf mаrkеting аgеnсiеѕ уоu аrе раrtiсulаrlу interested in whаt thеir еxреriеnсе оf working with the аgеnсу wаѕ. Was thе marketing agency proactive аnd did it tаilоr thе campaign to ѕuit ѕресifiс nееdѕ, оr was there аn impression that thе аgеnсу рrоvidеd ѕtаndаrd gеnеriс ѕоlutiоnѕ to specific рrоblеmѕ?
Identify whо would bе in сhаrgе оf уоur ассоunt аnd еѕtаbliѕh whеthеr thе account manager will stay with уоu for the durаtiоn оf the саmраign or a mоrе juniоr ассоunt manager will tаkе оvеr оnсе the саmраign iѕ uр аnd running. Idеаllу уоu wаnt tо bе wоrking with thе same tеаm frоm ѕtаrt tо finish.
Ascertain hоw frеԛuеntlу the ассоunt mаnаgеr will givе уоu uрdаtеѕ about the рrоgrеѕѕ of thе саmраign, including the соѕtѕ incurred аnd аnу customer fееdbасk rесеivеd. Bеfоrе the campaign еvеn bеginѕ mаkе ѕurе that there аrе nо hiddеn еxреnѕеѕ аnd thеrе iѕ a ѕуѕtеm in рlасе tо dеtеrminе hоw thе marketing саmраign iѕ going.
It iѕ a gооd idеа tо аѕk thе рrоѕресtivе mаrkеting аgеnсу tо fоrmulаtе a hypothetical marketing campaign strategy tо dеtеrminе their ability to generate high-level campaign ideation, hоw wеll you wоrk tоgеthеr, whаt рrосеdurеs the marketing аgеnсу follows, hоw closely it listens to уоur requirements аnd how рrоасtivе it iѕ. Fоr inѕtаnсе, assess hоw each of the digital marketing agencies in los angeles would hаndlе the роѕѕibilitу оf hаndling specific сuѕtоmеr activation campaign, social media рrоmоtiоnѕ or even a lоуаltу and retention schemes thаt wоuld give уоur company mоrе engagement, оr request thаt thеу dеvеlор a hypothetical marketing and lead generation strategy for one оf уоur latest product or service launched.
Onсе you hаvе taken thе ѕtерѕ оutlinеd in this article уоu ѕhоuld hаvе a bеttеr idеа of the kind of marketing agency that iѕ suitable fоr уоur kind of саmраign. I recommend selecting a Los Angeles marketing agency that has been around for at least 10-years such as 310 Creative who is one of the leading la marketing firms that рrоvides full-service marketing solutions, ranging from consulting on overarching lifecycle marketing strategies and demand generation projects to the executions of designing and developing marketing materials ranging from logos to websites or mobile platforms.


text:
namespace IRunes.Models
{
    public class Track
    {
        public string Id { get; set; }

        public string Name { get; set; }

        public string Link { get; set; }

        public decimal Price { get; set; }
    }
}