United States v. Dixon

Lloyd Dixon (defendant), president of AVM Corporation, loaned himself over $65,000 from corporate funds without disclosing it to shareholders as required by proxy disclosure rules and § 32(a) of the Securities Exchange Act. AVM's accountants gave Dixon forms specifically designed to capture transactions between officers and the company, and Dixon left his loans off those forms. He argued he was unaware of the disclosure requirement; the district court ruled for the government, and Dixon appealed.