On November 3, 2008, the SEC dismissed with prejudice all of its claims against John Tuli, a former executive of America Online, Inc. The dismissal brings an end to more than three years of litigation between Tuli and the SEC, and seven years of investigations by the United States Department of Justice and the SEC.
According to a press release today, Mr. Tuli was charged in January 2005 by the Department of Justice with ten counts relating to allegations of securities fraud. Following a three-month jury trial in the Eastern District of Virginia, Mr. Tuli was acquitted of all criminal charges. Despite that acquittal, the SEC proceeded with its civil case against Mr. Tuli.
Mr. Tuli’s lead counsel, Mark Hulkower of Steptoe & Johnson, stated that “[t]he Commission’s decision to dismiss its claims against Mr. Tuli, coupled with his prior acquittal, validates what we have stated since the government investigation began some seven years ago – John Tuli did nothing wrong. With today’s action, Mr. Tuli has been cleared of all allegations of wrongdoing and is now finally free to move on with his life.”