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Armstrong v. Commodity Futures Trading Commission

12 F.3d 401 (1993)

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Armstrong v. Commodity Futures Trading Commission

United States Court of Appeals for the Third Circuit

12 F.3d 401 (1993)

Facts

Martin Armstrong (defendant) controlled three corporations that provided various commodities-trading services. The Commodity Futures Trading Commission (the commission) (plaintiff) filed an administrative complaint against Armstrong and his three corporations for procedural violations. Two years later, the commission filed a second administrative complaint, charging that Armstrong was personally liable for the violations of two of his corporations as a controlling person of the corporations under § 13(b) of the Commodity Exchange Act, among other charges. Section 13(b) imposes liability for violations of commission rules on a person who controls any person or entity that commits a violation if the controlling person did not act in good faith or knowingly induced the violation. The administrative law judge (ALJ) found Armstrong and the corporations liable, imposing sanctions and fines. Armstrong and the corporations appealed the ALJ’s decision to the commission. The commission reversed the ALJ’s finding under the first complaint of procedural violations. The commission affirmed, as “a substantially correct result,” the ALJ’s finding under the second complaint that Armstrong was liable for the violations of two of his corporations. Armstrong and his corporations appealed to the United States Court of Appeals for the Third Circuit.

Rule of Law

Issue

Holding and Reasoning (Seitz, J.)

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