Atty Calls SEC Ethics Actions Too Severe, Unfair

Law360, New York (December 8, 2010, 1:43 PM EST) -- A lawyer barred by the U.S. Securities and Exchange Commission from practicing before the agency claims the SEC overstepped its authority by launching a misconduct investigation that fell under the purview of state regulators.

On Tuesday attorney Steven Altman sued the SEC in the U.S. District Court for the Southern District of New York alleging the agency’s administrative proceeding against him was unconstitutional and the sanctions imposed illegitimate.

In November the SEC banned Altman from practicing before the commission after finding he engaged in unethical professional...
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