Judge Rebuffs SEC Over Ex-AMEX CEO

Law360, New York (August 21, 2007, 12:00 AM EDT) -- In a move that could undermine the U.S. Securities and Exchange Commission's authority, an SEC administrative law judge has rejected the Commission's attempt to censure the former chairman of the American Stock Exchange over his alleged prior compliance errors.

Administrative law judge Robert Mahoney on Monday tossed out the SEC's charges against former AMEX chairman Salvatore Sodano, ruling that the agency lacked the authority to bring an enforcement action against him for his purported past failures.

The SEC has alleged Sodano and other AMEX officials did...
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