Adjudicated Final Board Actions Imposing Sanctions in Disciplinary Proceedings

Listed below are the publicly available opinions, orders, and other final Board actions imposing sanctions in contested disciplinary proceedings and Securities and Exchange Commission actions on review of those sanctions.

If a respondent in a contested disciplinary proceeding petitions for SEC review of a Board-imposed sanction (or the SEC elects to review the sanction on its own), the Sarbanes-Oxley Act provides that the sanction is stayed pending further action by the SEC. Normally, SEC review proceedings are public pursuant to Rule 301 of the SEC’s Rules of Practice.  However, the Act prohibits the Board from publicly reporting the sanction unless and until the SEC lifts the stay.  Consequently, the Board does not publish its opinions, orders, and other final actions imposing sanctions before the SEC has ordered that the stay be dissolved or the opportunity for SEC review has passed.  In addition, because of the stay, the effective date of the sanctions imposed by the Board is different from the date of the Board action imposing the sanctions.

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