Lehl v. Securities and Exchange Commission
United States Court of Appeals for the Tenth Circuit
90 F.3d 1483 (1996)
Daniel Lehl (defendant) was a securities salesman who worked for First Choice Securities, a member of the National Association of Securities Dealers, Inc. (NASD). NASD brought a disciplinary action against Lehl in connection with his sale of stock in Champions Sports, Inc. NASD alleged that Lehl violated the NASD rule prohibiting unfair pricing of securities, and recommended that he requalify as a securities salesman. Lehl appealed the decision to the Securities and Exchange Commission, which affirmed the NASD’s decision. Lehl then appealed to the Tenth Circuit Court of Appeals, arguing that the SEC enforcement of NASD’s pricing policy was an improper regulation of securities prices.
Rule of Law
Holding and Reasoning (Anderson, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 170,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 13,800 briefs, keyed to 187 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.