Trader's Gripe About ALJ 'Irrelevant,' 2nd Circ. Judge Says
Law360, New York (September 9, 2019, 4:56 PM EDT) -- A Second Circuit judge pushed back sharply Monday against a former Barclays trader's assertion that a U.S. Securities and Exchange Commission administrative law judge improperly acted as a prosecutor in a fraud investigation, calling the gripe an inconsequential red herring.
The comments from Circuit Judge Richard C. Wesley came as former bond trader Thomas Gonnella challenges the SEC's $82,500 fine and trading ban imposed on him in 2016 for his alleged scheming to rig transactions to avoid carrying his inventory of bonds for too long.
In sanctioning Gonnella the SEC said that in 2011 he fraudulently avoided charges imposed by Barclays...
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