3rd Circ. Slams 'Ridiculous' SEC Delay In Ex-Informant Probe

Law360, Philadelphia (January 15, 2020, 7:05 PM EST) -- The Third Circuit blasted the U.S. Securities and Exchange Commission's “ridiculous” delay in wrapping up its investigation into a broker-dealer and onetime government informant who beat criminal claims over a $17 million pump-and-dump scheme, as it considered Wednesday whether to revive a suit alleging the agency's probe is retaliatory.

During oral argument in Philadelphia, U.S. Circuit Judge Thomas M. Hardiman questioned why the agency hasn’t pursued enforcement actions after Guy Gentile and his business associates failed to answer subpoenas the SEC issued while the agency looks into Gentile's customer-solicitation practices. Gentile’s retaliation suit, which was dismissed by the district court in...

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