Ex-Gov't Informant Can't Pause SEC Suit Amid High Court Bid

Law360 (November 22, 2019, 6:32 PM EST) -- The Third Circuit on Friday refused a request by a broker-dealer and onetime government informant to pause the U.S. Securities and Exchange Commission's suit over a $17.2 million pump-and-dump penny-stock scheme while he appeals its reinstatement to the U.S. Supreme Court. 

In a one-page order that didn't explain the court's decision, Circuit Judge Thomas M. Hardiman rejected arguments by Guy Gentile that the justices are likely to review the Third Circuit's September decision that the SEC's bid to banish him from the penny-stock trade wasn't time-barred after all.

There's "reasonable probability" that the Supreme Court will want to resolve a circuit...

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