Altman v. Securities and Exchange Commission

666 F.3d 1322 (2011)

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Altman v. Securities and Exchange Commission

United States Court of Appeals for the District of Columbia Circuit
666 F.3d 1322 (2011)

Facts

Steven Altman (plaintiff), an attorney licensed to practice law in New York, represented a client who was subpoenaed by the Securities and Exchange Commission (SEC) (defendant) in connection with a proceeding brought by the SEC against the client’s former employer. At the time of the subpoena, Altman, on behalf of the client, was negotiating with the client’s former employer for a severance package. An attorney for the former employer secretly recorded the conversations with Altman. During the conversations, Altman attempted to use the subpoena as leverage in the severance-package negotiations and indicated that if the former employer gave the client a favorable severance package and additional compensation, the client would not cooperate with the subpoena. The SEC instituted proceedings against Altman, claiming that Altman engaged in professional misconduct. After an evidentiary hearing, the administrative-law judge found that Altman had violated New York disciplinary rules and suspended Altman from practicing before the SEC for nine months. Altman did not previously face any disciplinary action by the New York disciplinary authorities. Altman appealed. The SEC’s administrative review board affirmed the administrative-law judge’s findings but concluded that Altman should be permanently barred from practicing before the SEC. After the SEC’s administrative review board denied Altman’s motion to reconsider and for a stay, Altman petitioned for judicial review of the sanction imposed.

Rule of Law

Issue

Holding and Reasoning (Rogers, J.)

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