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Broker's Market Timing Was Deceptive: 5th Circ.

Law360 (April 17, 2009, 12:00 AM EDT) -- The U.S. Court of Appeals for the Fifth Circuit has affirmed a lower court's ruling that a stock broker made material misstatements with an intent to deceive, denying the broker's appeal of the decision, in a mutual fund market-timing lawsuit brought by the U.S. Securities and Exchange Commission.

A three-judge panel of the Fifth Circuit on Friday upheld a disgorgement order as well as a $50,000 civil penalty and permanent injunction on trading mutual funds against Scott B. Gann, a former broker with Southwest Securities Inc....
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