Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, August 20, 2007

ALJ Dismisses SEC Charges Against Former Amex CEO

An administrative law judge dismissed the SEC's charges against Salvatore F. Sodano, the chair and CEO of Amex from 1999-2005, that he violated SEA section 19(h)(4) by failing to enforce compliance with the Exchange Act, its rules and Amex rules.  The SEC specifically alleged the Amex's failure to enforce adequately its option order handling rules.  The ALJ held that section 19(h)(4) is unambiguous and allows the SEC to bring actions to censure only current officers or directors of a SRO.  In re Salvatore F. Sodano.

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