Investment banker's petition for review of the SEC's affirmance of the New York Stock Exchange's (NYSE) finding that petitioner violated NYSE Rule 476(a)(6) by disclosing a client's confidential information to a third party, the petition is denied where: 1) a violation of the rule did not require bad faith; 2) mere unethical conduct was sufficient for violation of the rule outside the breach of contract context; and 3) summary judgment was appropriate on the issue of petitioner's guilt.
Read Heath v. SEC, No. 09-0825
Appellate Information
Argued: September 16, 2009
Decided: November 4, 2009
Judges
Opinion by Judge Straub
Counsel
For Petitioner:
Gary P. Naftalis, Michael S. Oberman, Alan R. Friedman, Kramer Levin Naftalis & Frankel, LLP, New York, NY
For Respondent:
Dominick V. Freda, David M. Becker, Securities and Exchange Commission, Washington, DC
