Heath v. SEC, No. 09-0825

Investment banker's petition for review of the SEC's affirmance of the New York Stock Exchange's (NYSE) finding that petitioner violated NYSE Rule 476(a)(6) by disclosing a client's confidential information to a third party, the petition is denied where: 1) a violation of the rule did not require bad faith; 2) mere unethical conduct was sufficient for violation of the rule outside the breach of contract context; and 3) summary judgment was appropriate on the issue of petitioner's guilt.

Read Heath v. SEC, No. 09-0825

Appellate Information

Argued: September 16, 2009

Decided: November 4, 2009

Judges

Opinion by Judge Straub

Counsel

For Petitioner:

Gary P. Naftalis, Michael S. Oberman, Alan R. Friedman, Kramer Levin Naftalis & Frankel, LLP, New York, NY

For Respondent:

Dominick V. Freda, David M. Becker, Securities and Exchange Commission, Washington, DC