SEC v. Alpine Securities Corporation

982 F.3d 68 (2020)

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SEC v. Alpine Securities Corporation

United States Court of Appeals for the Second Circuit
982 F.3d 68 (2020)

Facts

Alpine Securities Corporation (Alpine) (defendant), a broker-dealer registered with the Securities and Exchange Commission (SEC) that was subject to the Bank Secrecy Act of 1970, failed to file sufficient suspicious-activity reports (SARs). After red flags were raised, indicating that Alpine ignored the potential illegality of certain securities transactions, the SEC commenced an enforcement action against Alpine, accusing Alpine of failing to comply with the reporting, record-keeping, and record-retention requirements of Section 17(a) of the Securities Exchange Act of 1934 and of violating SEC Rule 17a-8. The SEC motioned for summary judgment. Alpine cross-moved for summary judgment, arguing that the SEC had no authority to commence the enforcement action because only the United States Treasury Department had the power to enforce the Bank Secrecy Act of 1970. The district court denied Alpine’s cross-motion for summary judgment and granted partial summary judgment in favor of the SEC, concluding that Alpine violated Section 17(a) of the Securities Exchange Act of 1934 and SEC Rule 17a-8 by failing to submit and maintain the required SARs. The district court imposed a monetary penalty on Alpine and enjoined Alpine from committing future violations of the reporting, record-keeping, and record-retention requirements. Alpine appealed.

Rule of Law

Issue

Holding and Reasoning (Walker, J.)

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