5th Circ. Affirms Bar On Stockbroker For Market Timing

Law360, New York (January 15, 2010, 2:02 PM EST) -- A stockbroker found liable for making stealth market-timing trades should be permanently barred from working in the securities industry, a federal appellate court has affirmed, deeming his alleged deceptions “egregious and recurrent.”

The U.S. Court of Appeals for the Fifth Circuit affirmed on Wednesday the U.S. Securities and Exchange Commission's permanent associational bar against stockbroker Scott B. Gann.

In April, the Fifth Circuit affirmed a lower court's ruling that Gann had made material misstatements with intent to deceive in connection with market timing, which is not...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.