Snell Wilmer Defense Win in Securities Fraud Case
In a recent securities fraud case, Jonathan Destler received a defense win when the United States District Court for the Southern District of California dismissed all charges against him on December 4, 2024. Represented by Snell & Wilmer partner Andrew P. Young, along with co-counsel Louis R. Miller of Miller Barondess and David Hunt, P.C., Destler walked away from the case free of any wrongdoing.
Back in November 2022, Destler, along with others, was charged with securities fraud related to an alleged scheme to manipulate the stock of Quebec-based Loop Industries, Inc. Over the course of a 19-day trial in August 2024, Young and his co-counsel argued that the evidence presented by the government was insufficient to prove Destler’s involvement in any fraudulent activity. After a hung jury, with eight out of 12 jurors finding Destler not guilty, Young and his team filed a Rule 29 motion on September 16, 2024, requesting a Judgement of Acquittal.
This motion was successful, as the defense team illustrated to the court that the government failed to prove Destler’s involvement in any conspiracy or independent actions related to securities fraud. They argued that the case against their client was built on isolated facts taken out of context and woven together to create a false narrative. As a result, all charges against Destler were dropped, marking a rare victory in a criminal securities fraud case.
Young, who joined Snell & Wilmer in San Diego as a partner in June 2024, specializes in internal investigations, white-collar criminal defense, and commercial litigation. With a background in complex litigation, he has a strong track record of representing individuals and companies facing legal challenges and government scrutiny.
This outcome showcases the importance of a strong legal defense and the ability to challenge evidence presented in court. It serves as a reminder that every case is unique, and the outcome can vary based on the facts at hand.
