United States DC Circuit

In a petition for review of the SEC's affirmance of the National Association of Securities Dealers' award of restitution against petitioner-securities representative, the petition is granted where the SEC completely failed to articulate any meaningful standards governing the level of causation required under Principle 5 of the Financial Industry Regulatory Authority Sanction Guidelines.

Appellate Information

• Decided 01/13/2010
• Published 01/13/2010

Judges

• Before GARLAND, Circuit Judge, and EDWARDS and RANDOLPH, Senior Circuit Judges.

Court

• United States DC Circuit

Counsel

• For Appellant:
  
• George C. Freeman, III argued the cause for petitioner. With him on the briefs was Meredith A. Cunningham.


• For Appellees:
  
• Rada Lynn Potts, Senior Litigation Counsel, Securities and Exchange Commission, argued the cause for respondent. With her on the brief were David M. Becker, General Counsel, and Jacob H. Stillman, Solicitor.