82 FR 37626 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 154 (August 11, 2017)

[Federal Register Volume 82, Number 154 (Friday, August 11, 2017)]
[Notices]
[Pages 37626-37627]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-17070]


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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, Public Law 94-409, that the Securities 
and Exchange Commission will hold an Open Meeting on Tuesday, August 
15, 2017 at 1:00 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 respondents Frank H. 
Chiappone, Andrew G. Guzzetti, William F. Lex, Thomas E. Livingston, 
Brian T. Mayer, and Philip S. Rabinovich, formerly registered 
representatives associated with former broker-dealer McGinn, Smith & 
Co., Inc.
    On February 25, 2015, the ALJ found that Chiappone, Lex, Livington, 
Mayer, and Rabinovich violated antifraud provisions of the federal 
securities laws by recommending that customers purchase securities 
without conducting a reasonable investigation into the offerings as 
well as provisions of the securities laws prohibiting unregistered 
offers and sales of securities. The ALJ barred or suspended these 
respondents from certain associations in the securities industry and 
ordered them to pay third-tier civil money penalties, to pay 
disgorgement of commissions received for their sales in violation of 
the antifraud provisions plus prejudgment interest, and to cease and 
desist from further violations of the securities laws. The ALJ found 
that Guzzetti failed reasonably to supervise the other respondents, 
ordered him to pay a third-tier civil money penalty, and suspended him 
from association in certain capacities in the securities industry.

[[Page 37627]]

    Respondents appealed the ALJ's findings of liability and the 
sanctions imposed to the Commission. The issues likely to be considered 
at oral argument include, among other things, whether the findings of 
liability should be sustained, and what sanctions, if any, are 
appropriate in the public interest, as well as respondents' arguments 
that the proceeding violated various Constitutional, statutory, and 
regulatory requirements.
    For further information, please contact Brent J. Fields from the 
Office of the Secretary at (202) 551-5400.

    Dated: August 8, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-17070 Filed 8-9-17; 11:15 am]
 BILLING CODE 8011-01-P