9th Circ. OKs Fines On World Trade Financial, Brokers

Law360, New York (January 16, 2014, 8:20 PM EST) -- The Ninth Circuit upheld regulator sanctions against World Trade Financial Corp. and three of its brokers on Thursday for unlawfully trading unregistered shares of stock, ruling that substantial evidence supported the sanctions.

Writing for the panel, Circuit Judge Ronald M. Gould refused to overturn the U.S. Securities and Exchange Commission's decision to uphold sanctions by the Financial Industry Regulatory Authority, which imposed fines and suspensions on WTF and three of its brokers after finding they violated the Securities Act, which prohibits the transfer of securities without...
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