Remand Of Securities Fraud Judgment Required Pursuant To Gabelli, Panel Rules

Remand Of Securities Fraud Judgment Required Pursuant To Gabelli, Panel Rules

NEW YORK - A federal judge abused his discretion in awarding a civil penalty in a Securities and Exchange Commission action against a mutual fund trading company and its founder in light of the U.S. Supreme Court's decision in Gabelli, et al. v. Securities and Exchange Commission, a Second Circuit U.S. Court of Appeals panel ruled Aug. 9 (Securities and Exchange Commission v. Pentagon Capital Management PLC, et al., No. 12-1680, 2nd Cir.; 2013 U.S. App. LEXIS 16402).

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