United States DC Circuit

In a petition for review of the SEC's finding of securities law violations by Petitioners, the petition is granted in part, where the SEC failed to explain its finding that certain omissions by Petitioners involved a material fact; but denied in part, where the scheme at issue clearly involved an "underwriter," which refuted Petitioners' theory that they properly relied on the Regulation S and Section 4 exemptions.

Appellate Information

• Argued 03/05/2009
• Decided 06/23/2009
• Published 06/23/2009

Judges

• Before: GINSBURG, Circuit Judge, and WILLIAMS and RANDOLPH, Senior Circuit Judges.

Court

• United States DC Circuit

Counsel

• For Appellant:
  
• Jeffrey J. Scott argued the cause and filed the briefs for petitioner Thomas A. Kaufmann., David A. Zisser argued the cause and filed the briefs for petitioner Christopher H. Zacharias., Thomas D. Birge argued the cause and filed the briefs for petitioner John A. Carley.


• For Appellees:
  
• Randall W. Quinn, Assistant General Counsel, Securities & Exchange Commission, argued the cause for respondent.   With him on the brief were Andrew N. Vollmer, Acting General Counsel, Jacob H. Stillman, Solicitor, and Benjamin L. Schiffrin, Attorney.  Brian G. Cartwright, Attorney, entered an appearance.