Pierce v. SEC

Petitioner sought review of the SEC's order to cease and desist from violating the Securities Act of 1933, 15 U.S.C. 77e(a), (c), and the agency's subsequent order denying his motion for reconsideration. Petitioner sold shares of stock in Lexington, Inc. through offshore bank accounts for millions of dollars in profit, but failed to comply with the SEC's registration requirements for the sale of securities. The SEC found that petitioner had violated the Act in two separate enforcement actions. The court found no merit in petitioner’s objections to the SEC’s application of the fraudulent concealment doctrine. The court further held that the Commission correctly rejected petitioner's affirmative defenses of equitable estoppel, judicial estoppel, and waiver. Accordingly, the court denied the petition for review. View "Pierce v. SEC" on Justia Law