Koch v. SEC

The SEC found that petitioner and his company repeatedly marked the close - buying or selling stock as the trading day ends to artificially inflate the stock's value - and sanctioned them accordingly. The court concluded that the Commission applied the correct legal standard and properly concluded that there is ample evidence petitioner manipulated the market by marking the close; petitioner was properly charged as a primary violator under both the Securities and Exchange Act, 15 U.S.C. 78j(b), and the Investment Advisers Act, 15 U.S.C. 80b-6(1), (4); but the Commission cannot apply the Dodd-Frank Act, Pub. L. No. 111-203, 124 Stat. 1376, to bar petitioner from associating with municipal advisors and rating organizations because such an application is impermissibly retroactive. Accordingly, the court granted in part and denied in part the petition for review. The court vacated the portion of the SEC order that is impermissibly retroactive. View "Koch v. SEC" on Justia Law