United States DC Circuit

Imposition of sanctions on petitioner, a bond counsel for a school district, for his violation of sections 17(a)(2)and (a)(3) of the Securities Act for misrepresenting to prospective bond purchasers the risk that interest on the bonds to be issued by the school district would be taxable, is upheld where substantial evidence supports respondent's conclusion that petitioner was responsible for misrepresentations and omissions in the Official Statement and in his legal opinions.

Appellate Information

• Argued 10/16/2006
• Decided 11/28/2006
• Published 11/28/2006

Judges

• Before:  HENDERSON, RANDOLPH and GRIFFITH, Circuit Judges.

Court

• United States DC Circuit

Counsel

• For Appellant:
  
• David J. Hickton argued the cause for petitioner.   With him on the briefs were Ira L. Podheiser, Richard D. Bernstein, and Stephen B. Kinnaird.


• For Appellees:
  
• John W. Avery, Special Counsel, Securities and Exchange Commission, argued the cause for respondent.   With him on the brief were Brian G. Cartwright, General Counsel, Jacob H. Stillman, Solicitor, and Mark Pennington, Assistant General Counsel.