Securities Law Prof Blog

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

Tuesday, May 20, 2008

SEC Remands NYSE Disciplinary Action for Reconsideration of Sanctions

The SEC sustained the NYSE's findings that James Gerard O'Callaghan, an NYSE member and independent floor broker, violated Section 11(a) and Rule 11a-1 of the Securities Exchange Act of 1934 and NYSE Rules 90, 95, and 476 by executing trades in an account over which he exercised investment discretion. The SEC, however, remanded the proceeding for the NYSE to reconsider the sanctions imposed, particularly the three-month suspension. On remand, the SEC stated that the NYSE should address the protective interests to be served by removing O'Callaghan from the exchange floor, the mitigating factors presented in the record, and any other factors related to whether a suspension is appropriately remedial and not punitive.

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