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Heath v. SEC, No. 09-0825

By FindLaw Staff on November 09, 2009 | Last updated on March 21, 2019

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


Opinion by Judge Straub


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

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