Mitchell M. Maynard, Dorice A. Maynard, IA Act Rel. 2901, July 16, 2009
In May the Commission issued an opinion that barred the Maynards from investment adviser association. That order was based on an order issued by Vermont regulators that barred them from investment adviser and broker-dealer association. Vermont found that, among other things, they misappropriated investor funds.
In denying the motion the Commission noted that its rules allow such motions only to "correct manifest errors of law or fact or to permit the presentation of newly discovered evidence." Such motions are not to be used to rehash previous arguments. The only new matter raised by the motion was an error in the original opinion describing a California action against the Maynards. The Commission erroneously found that the final California order had found the Maynards had filed a false document with the state (although that allegation had been included in the original charging document). The Commission found that this error did not implicate the Commission's conclusion that the Maynards had engaged in extensive and long term violations.
Finally, the Maynards sought to introduce what they claimed was new evidence relating to SEC staff contact with their counsel and other matters. The Commission noted that it had previously ruled that those matters were not relevant as its original ruling relied on the Vermont order and findings.
