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SEC v. Patel
United States Court of Appeals for the Second Circuit
61 F.3d 137 (2d Cir. 1995)
Ratilal Patel (defendant) was the founder, director and senior vice president of Par Pharmaceutical, Inc. (Par). In 1988, Patel falsified certain documents required by the Food and Drug Administration (FDA), detailing the composition of Par’s pharmaceuticals. At the same time as the falsified filing, Patel sold off 75,000 shares of Par, knowing that the falsification would eventually be discovered. The Securities and Exchange Commission (SEC) (plaintiff) brought suit against Patel once the falsification was discovered. The district court ruled against Patel, and barred him from ever serving as director of a publicly-traded corporation, pursuant to 15 U.S.C. §§ 77t(e) and 78u(d)(2), even though it did not explain whether Patel was likely to commit the same violation again. Patel appealed to the Second Circuit Court of Appeals.
Rule of Law
Holding and Reasoning (Miner, J.)
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