DC Circ. Rules Against Broker In NM Kickback Case

Law360, New York (January 4, 2011, 4:48 PM EST) -- The D.C. Circuit has upheld $1.9 million in sanctions the U.S. Securities and Exchange Commission imposed on a securities broker for allegedly paying kickbacks to disgraced former New Mexico State Treasurer Michael Montoya in exchange for state business.

In a ruling issued Dec. 28, 2010, the U.S. Court of Appeals for the District of Columbia Circuit rejected broker Guy Riordan’s claims that the SEC's findings were based on insufficient evidence and that its sanctions were barred by the statute of limitations.

According to the ruling, New...
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