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In the Matter of the Application of Warren E. Turk for Review of Disciplinary Action Taken by NYSE, Inc., Opinion of the Commission

Exchange Act Release No. 55942 (2007)

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In the Matter of the Application of Warren E. Turk for Review of Disciplinary Action Taken by NYSE, Inc., Opinion of the Commission

United States Securities and Exchange Commission
Exchange Act Release No. 55942 (2007)

KS

Facts

The New York Stock Exchange (NYSE) (plaintiff), a self-regulatory organization, investigated Warren Turk (defendant) for conduct that violated the NYSE’s rules. Turk refused to testify as part of the NYSE investigation, which, consistent with NYSE rules, established a prima facie violation. The NYSE then censured Turk and permanently barred him from membership, allied membership, approved person status, and employment or association with any NYSE member or member organization. Turk appealed the NYSE’s disciplinary action to the United States Securities and Exchange Commission (SEC), arguing that the NYSE could not force him to testify because the NYSE was a state actor such that his Fifth Amendment right against self-incrimination should apply or, in the alternative, there was such a collaboration between the SEC and the NYSE in this specific instance that the NYSE was acting as a state actor on behalf of the SEC.

Rule of Law

Issue

Holding and Reasoning ()

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