White Collar and Government Investigations, Securities & Financial Services Litigation partner Robert Heim was quoted in Law 360 article, “SEC Told Broker’s Lifetime Ban Not Warranted Under Janus.” The article discusses SEC decision to bar an investment banker from the securities industry for life over misleading emails he sent to prospective investors.
Robert explains that, “In order to determine who the maker of a statement is, we have to look at who had the ultimate control over that statement and who had the responsibility to determine whether or not to distribute that statement, so under the holding with respect to Janus, it was Gregg that had the ultimate authority in terms of preparing a statement and making the decision to distribute it, as well as to the contents of what appeared in that statement.”
Further, Robert states that the lifetime sanction would conflict with the 2011 Janus decision decided by the Supreme Court. He highlights other options for the broker including an elimination of the ban or a reduction in sentence time.
Read the full article.
|Heim, Robert G. Partner and Co-Chair of White Collar and Regulatory Enforcement Practice||Partner and Co-Chair of White Collar and Regulatory Enforcement Practice||212.216.1131|