Bon Mots

"[W]e do not disdain to borrow wit or wisdom from any man who is capable of lending us either . . . ." Henry Fielding, Tom Jones

"[T]he securities business is one in which opportunities for dishonesty recur constantly and … this necessitates specialized legal treatment." Richard C. Spangler, Inc., 46 SEC 238, 252 (1976)

"In our complex society the accountant's certificate and the lawyer's opinion can be instruments for inflicting pecuniary loss more potent than the chisel or the crowbar." United States v. Benjamin, 328 F.2d 854, 862 (2d Cir. 1964)

"Recklessness and deceit do not automatically excuse themselves by notice of repentance." Jones v. SEC (Cardozo dissent), 298 U.S. 1, 30 (1936)

"You can observe a lot by just watching." Yogi Berra

"The cheaper the crook, the gaudier the patter." Dashiell Hammett, The Maltese Falcon

Protective Order Granted For Financial Information In Connection With Appeal

Gregory O. Trautman, Exchange Act Release 57545

As is its practice, the Commission granted a protective order sealing certain personal and confidential financial information Trautman filed in connection with his pending appeal of an ALJ's initial decision that can be viewed here  (also see the ALJ's  denial of a motion to correct here).  Respondents typically file such information in an effort to establish an "inability to pay" defense to disgorgement or penalties.
Posted by Robert M. Fusfeld
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