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In the Matter of John H. Gutfreund, et al.

Securities and Exchange Commission
51 SEC 93 (1992)


Facts

In 1991, the management of Salomon Brothers, Inc. (defendants) discovered that Paul Mozer, an employee of Salomon, had submitted a false bid in an auction conducted by the U.S. Treasury, in violation of federal securities laws. Management did not take action on Mozer’s conduct for several months, and in that time, he committed two additional violations of securities law. The Securities and Exchange Commission (SEC) (plaintiff) brought an administrative proceeding against Salomon’s management for a lack of supervision over Mozer’s activities in violation of Section 15(b) of the Exchange Act. The parties settled the matter, with the SEC publishing this entry of findings in regards to the settlement.

Rule of Law

The rule of law is the black letter law upon which the court rested its decision.

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Issue

The issue section includes the dispositive legal issue in the case phrased as a question.

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Holding and Reasoning

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  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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