DC Circ. Partially Remands Barred Broker's Appeal To SEC

Law360, New York (October 13, 2017, 5:38 PM EDT) -- The D.C. Circuit on Friday partially remanded a former Penn Mutual Life Insurance Co. broker-dealer’s appeal of a lifetime ban by the Financial Industry Regulatory Authority for filing false expense reports, asking the U.S. Securities and Exchange Commission to consider whether the punishment was excessive.

Former Penn Mutual executive John Saad sought to overturn FINRA’s ban for violating the self-regulatory body’s rules, which was upheld by the SEC, on grounds that the SEC failed to consider mitigating including the fact that he was already terminated in...
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