SEC v. First Jersey Securities, Inc.

101 F.3d 1450 (1996)

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SEC v. First Jersey Securities, Inc.

United States Court of Appeals for the Second Circuit
101 F.3d 1450 (1996)

Facts

The Securities and Exchange Commission (SEC) (plaintiff) brought suit against First Jersey Securities, Inc. (First Jersey) (defendant), and its owner, Robert Brennan, for violating § 10(b) of the Exchange Act by misleading investors into purchasing its stock far above market price. The district court ruled in favor of the SEC, and ordered First Jersey to disgorge its profits from the fraudulent activity, with interest. The court ruled that Brennan’s personal income was also subject to the disgorgement if First Jersey could not pay, as Brennan was First Jersey’s sole owner. First Jersey appealed the damages portion of the judgment to the Second Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Kearse, J.)

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