United States Third Circuit

The SEC's interpretation of Section 11(a) of the Securities Exchange Act--that it is violated when a broker trades in an account in which he or she has an interest and that sharing in the economic risk of trades in an account is tantamount to having such an interest--is reasonable.

Appellate Information

• Decided 05/10/2005
• Published 05/10/2005

Judges

• Before:  BARRY, AMBRO and COWEN, Circuit Judges.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Evan M. Levow, Esquire, Pamela Moore, Esquire, Levow & Costello, Cherry Hill, NJ, Counsel for Petitioners.


• For Appellees:
  
• Giovanni P. Prezioso, General Counsel, Meyer Eisenberg, Deputy General Counsel, Eric Summergrad, Deputy Solicitor, Dominick V. Freda, Esquire, Securities & Exchange Commission, Washington, D.C., Counsel for Respondent.