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Question
An attorney acquires confidential information about a certain client. However, he discovers that this information is important for the affairs of a second client. In this situation, two duties are in conflict. What are these two conflicting duties? How does agency law resolve the conflict?
Answer
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The maximum penalty for a criminal violation of the 1933 Act is a:
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B. $10,000 fine and five years' imprisonment.
C. $20,000 fine and five years' imprisonment.
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Q:
Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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C. A securities broker who provides investment advice to retail investors.
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