Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
An investment adviser is stuck with a lifetime bar from the securities industry and over $650,000 in SEC fines and disgorgement after a federal appeals court declined to review his case.
There was substantial evidence to support the Securities and Exchange Commission’s case against investment adviser Timothy S. Dembski, according to the U.S. Court of Appeals for the Second Circuit’s Feb. 27 summary order. Federal courts typically affirm SEC findings of fact so long as the findings are supported by substantial evidence.
The SEC previously barred Dembski for life from the securities industry for misleading investors about his hedge fund, the court said. The commission also ordered Dembski to pay over $350,000 in disgorgement, along with $300,000 in fines, according to the commission’s March 2017 opinion.
Dembski said every other witness at the administrative hearing committed perjury, but the court only reverses credibility determinations when the decisions are arbitrary, capricious, or abuses of discretion, according to the court. Dembski didn’t show this, the court said.
The case is Dembski v. SEC , 2018 BL 64805, 2d Cir., No. 17-1553-ag, 2/27/18 .
To contact the reporter on this story: Jennifer Bennett in Washington at email@example.com
To contact the editor responsible for this story: Seth Stern at firstname.lastname@example.org
Copyright © 2018 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)