United States DC Circuit

Petition for review challenging order sustaining decision of NASD to expel petitioner from membership and to bar its president from ever associating with any NASD member firm as sanctions for his failure to respond to the NASD's repeated requests for information from and about petitioner is granted where respondent abused its discretion by: 1) failing to address certain mitigating factors raised by petitioners, specifically, that their failure to respond had no potential either to injure the investing public or to benefit themselves monetarily nor did the information requested relate to conduct potentially injurious to the public or beneficial to themselves; and 2) it did not identify any remedial, as opposed to punitive, purpose for the sanctions it approved.

Appellate Information

• Argued 11/16/2006
• Decided 07/20/2007
• Published 07/20/2007

Judges

• Before:  GINSBURG, Chief Judge, and ROGERS and KAVANAUGH, Circuit Judges.

Court

• United States DC Circuit

Counsel

• For Appellant:
  
• David Clarke, Jr. argued the cause for petitioners.   With him on the briefs was Deborah R. Meshulam.


• For Appellees:
  
• Michael A. Conley, Senior Special Counsel, argued the cause for respondent.   With him on the brief were Brian G. Cartwright, General Counsel, Jacob H. Stillman, Solicitor, and Susan K. Straus, Attorney.