SEC Rejects Sky Capital's Anti-NASD Complaint

Law360, New York (June 1, 2007, 12:00 AM EDT) -- Siding with the National Association of Securities Dealers, the U.S. Securities and Exchange Commission on Wednesday tossed out a suit by Wall Street brokerage Sky Capital LLC that claimed it had been subject to a “campaign of harassment” by the NASD's staff.

Sky Capital, a broker-dealer firm located in New York City, argued in its complaint that, ever since it first tried to register with the NASD in 2001, NASD staff have been overzealous in their oversight of the firm.

For instance, Sky Capital alleged that...
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