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3 Stetson Bus. L. Rev. [i] (2024)

handle is hein.journals/setnbisr3 and id is 1 raw text is: STETSON BUSINESS LAW REVIEW VOLUME 3 SPRING 2024 ISSUE 1 SYMPOSIUM ISSUE: TWELFTH REMEDIES DISCUSSION FORUM ARTICLES Restitutionary Remedies in the Context of Ponzi Schemes: A Commonwealth Perspective John D. McCamus 1 Current financial transaction and stock transfer taxes are ineffective and administratively complex. Developments in technology leading to high-frequency trading, increased speculation, and retail investor mobilization via digital trading platform are all concerns that are not accounted for through current statutory language. In response to these concerns, the United States government and legislature of New York propose legislation to re-enact or renew existing stock transfer taxes. This Article first examines the history of financial transaction taxes both at the state and federal levels. Imprecise language, ineffective administration, and constitutional violations were the Achilles-heel of stock transfer taxes of the past. Clear guidance from the United States Supreme Court and insights gained over the past forty years will allow for a more effective approach. Next, this Article examines the approach to financial transactions taxes in Europe, where implementation issues led to long-term successes or short-term failure. Taking lessons from three nations, The United Kingdom, France, and Sweden, will prove helpful in deciding the best approach and design for U.S. financial transaction and stock transfer taxes. Third, this Article addresses high-frequency trading, a new phenomenon in the financial world which utilizes computer software and theoretical mathematics to execute trades in a matter of seconds. This technology was not a consideration when financial transaction taxes were first implemented and will be a key piece in effective legislative drafting. Effective legislation should minimize risks associated with high-speed, speculative trading and support traditional market functions. This Article concludes by critically analyzing existing statutes and proposed legislation at both the federal and state level and proposes a course of action for New York given the recent developments in trading technology, society, and multijurisdictional taxation. The Valuation Date of Benefits Received by a Victim of Fraud Sirko Harder 35 A fraud may induce the victim to sell an asset at undervalue to the fraudster, and that asset may increase in value in the period between the fraudulent transaction and the court's assessment of the damages for the fraud. In Tuke u. Hood, the English Court of Appeal held that this increase in value may be taken into account in assessing damages without at the same time credit being given for the time value of the money the claimant received from the defendant, in the period between the fraudulent transaction and the trial. In other words, the court held that the damages may reflect the higher value of the lost asset at the time of the trial without credit being given for the interest that the claimant could have earned in the period between the fraudulent transaction and the trial by placing the money received from the defendant on an interest-bearing bank account. In the course of justifying this rule, the court stated that an increase in value of the asset the defendant obtained from the claimant may be taken into account in assessing damages without credit being given even for actual interest earned on money the claimant received from the defendant or-in the case of an exchange of assets for the increase in value of an asset the claimant received from the defendant. This article argues that the same valuation date ought to be used for assets given away and benefits received by a victim of fraud.

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