United States Second Circuit

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Heath v. SEC, 09-0825

Investment banker's petition for review of the SEC's affirmance of the New York Stock Exchange's (NYSE) finding that petitioner violated NYSE Rule 476(a)(6) by disclosing a client's confidential information to a third party, the petition is denied where: 1) a violation of the rule did not require bad faith; 2) mere unethical conduct was sufficient for violation of the rule outside the breach of contract context; and 3) summary judgment was appropriate on the issue of petitioner's guilt.

Appellate Information

  • Decided 11/04/2009
  • Published 11/04/2009

Judges

  • STRAUB, Circuit Judge:, Before:  STRAUB and WESLEY, Circuit Judges and GARDEPHE, District Judge.

Court

  • United States Second Circuit

Counsel

  • For Appellant:
  • Gary P. Naftalis (on the brief, Michael S. Oberman, Alan R. Friedman, Joel M. Taylor, Michael B. Eisenkraft), Kramer Levin Naftalis & Frankel, LLP, New York, NY, for Petitioner.

  • For Appellees:
  • Dominick V. Freda, Senior Counsel for the Securities and Exchange Commission (on the brief, David M. Becker, General Counsel, Mark D. Cahn, Deputy General Counsel, Jacob H. Stillman, Solicitor, Randall W. Quinn, Assistant General Counsel), Washington, D.C., for Respondent.

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