10th Circ. Affirms SEC Sanctions Over Brokerage Conflicts

Law360 (August 13, 2019, 7:53 PM EDT) -- A Tenth Circuit panel on Tuesday found that the U.S. Securities and Exchange Commission was within its rights to impose sanctions on a former investment adviser who reaped commissions by funneling bond trades to a favored broker without telling his clients.

Dennis J. Malouf, the former president of New Mexico-based investment advisory firm UASNM Inc., was ordered to pay more than $560,000 in disgorgement and $75,000 in civil penalties and was banned for life from the securities industry by the SEC for failure to disclose his conflict of interest to clients.

Malouf appealed the sanctions, asking the court to vacate the...

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