Securities litigation

Alabama Judge Rules Show Must Go On for Tommy Tuberville

College football practice is apparently not a great reason for a continuance. Alabama U.S. District Court Judge Myron H. Tompson has ruled that a civil securities fraud suit against former Texas Tech (and current Cincinnati) head football coach Tommy Tuberville will start in early August, as previously scheduled.

According to Scheef & Stone Partner J. Mitchell Little, Coach Tommy Tuberville faces a variety of very serious obstacles. “When your business partner faces criminal charges and gets sued by the CFTC for fraud, he has problems. When your business partner pleads the 5th Amendment in your civil case and refuses to show up for his deposition, you have problems,” Little said. In civil cases, when a witness pleads the 5th Amendment, an adverse inference

Tommy Tuberville coaching Texas Tech. Photo courtesy of awfulannouncing.com

Photo courtesy of awfulannouncing.com

arises. “In a civil lawsuit, pleading the 5th Amendment forces the Court to view your response in the most negative light possible toward your case. When a defendant’s business partner does so, it tends to spread the blame.”

There are also a variety of evidentiary issues that are likely to impinge upon Tuberville’s ability to defend himself in the $1.7 million investor lawsuit arising from the collapse of TS Capital Partners. “Tuberville was the ‘T’ and Stroud was the ‘S” in TS Capital. How will Tuberville’s counsel avoid being painted with the same brush as his partner Stroud, especially if he is convicted next month of crimes related to these sales? Will the Court allow the jury to hear about Stroud’s potential conviction, the CFTC lawsuit, and his refusal to testify? It’s extremely problematic for Coach Tuberville,” explained Little.

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Categories: Fraud, Securities litigation

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