Rapoport v. SEC

Petitioner, a Russian citizen, petitioned the court to review the default order the SEC entered against him for failing to respond to administrative proceedings initiated by the SEC on allegations that he violated securities laws. The court agreed with petitioner that the SEC's application of Rule 155(b), 17 C.F.R. 201.155(b), was inconsistent with its precedent and therefore arbitrary. Accordingly, the court granted the petition for review, vacated the SEC's order denying petitioner's motion to set aside the default entered against him, and remanded for further proceedings. View "Rapoport v. SEC" on Justia Law