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Lehl v. Securities and Exchange Commission

United States Court of Appeals for the Tenth Circuit
90 F.3d 1483 (1996)


Facts

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

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Issue

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Holding and Reasoning (Anderson, J.)

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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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