Jury Trial Begins in Case Challenging SEC’s Arbitrary Expansion of Rules for Securities Companies
Washington, D.C., July 13, 2021 (GLOBE NEWSWIRE) -- The jury trial has begun in U.S. Securities and Exchange Commission v. Spartan Securities Group, LTD., et al.
- Washington, D.C., July 13, 2021 (GLOBE NEWSWIRE) -- The jury trial has begun in U.S. Securities and Exchange Commission v. Spartan Securities Group, LTD., et al.
- From 2005 through 2015, Spartan applied to publish quotations of securities as a market maker for approximately 1500 issuers.
- To apply to publish quotations, Spartan was required to file a Form 211 application with the Financial Industry Regulatory Authority (FINRA) to demonstrate compliance with both FINRA and SEC rules.
- SECs theory of liability rests on an expansion of the applicable rules via guidance.