81 FR 54166 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 157 (August 15, 2016)

[Federal Register Volume 81, Number 157 (Monday, August 15, 2016)]
[Notices]
[Page 54166]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-19455]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and 
Exchange Commission will hold an Open Meeting on Wednesday, August 17, 
2016 at 2:00 p.m., in the Auditorium (L-002) at the Commission's 
headquarters building, to hear oral argument in an appeal from an 
initial decision of an administrative law judge by respondent Larry C. 
Grossman.
    On December 23, 2014, the ALJ found that Grossman, the former 
principal of a registered investment adviser, violated certain 
antifraud, broker-dealer, and investment adviser provisions of the 
federal securities laws by, among other things, making 
misrepresentations and omissions of material fact to his advisory 
clients when he advised them to invest in funds as to which he had an 
economic conflict of interest. For these violations, the ALJ ordered 
Grossman to pay a $1.55 million civil penalty, to pay approximately $3 
million in disgorgement plus prejudgment interest, and to cease and 
desist from further violations of the securities laws. The ALJ also 
barred him from association with the securities industry.
    Respondent appealed, challenging only the imposition of sanctions. 
The issues likely to be considered at oral argument include, among 
other things, whether the five year statute of limitations in 28 U.S.C. 
2462 prohibits us from imposing a civil penalty, disgorgement, industry 
bar, or cease-and-desist order, and, to the extent that it does not, 
what sanctions, if any, are appropriate in the public interest.
    For further information, please contact Brent J. Fields from the 
Office of the Secretary at (202) 551-5400.

    Dated: August 10, 2016.
Lynn M. Powalski,
Deputy Secretary.
[FR Doc. 2016-19455 Filed 8-11-16; 11:15 am]
 BILLING CODE 8011-01-P