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Carter & Johnson

47 SEC 471 (1981)

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Carter & Johnson

Securities and Exchange Commission

47 SEC 471 (1981)

Facts

William Carter and Charles Johnson (defendants) were experienced securities attorneys. In 1974, they were hired by National Telephone Company (National) to guide it through several attempts to keep the company solvent. In doing so, Carter and Johnson drafted several letters and proxy statements to investors indicating that National was entering a period in which it would be in a strong financial position. When National’s business failed, the Securities and Exchange Commission (SEC) (plaintiff) brought suit against Carter and Johnson, alleging ethics violations for aiding National in its fraudulent representation of its finances, in violation of § 10(b) of the Exchange Act. The administrative law judge ruled against Carter and Johnson. They then appealed this decision.

Rule of Law

Issue

Holding and Reasoning

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