James Gerard O'Callaghan, Exchange Act Rel. 61134, December 10, 2009
Time since appeal – 8 months 30 days
Time since last brief – 3 months 7 days
NYSE found that O'Callaghan a floor trader violated its rules by executing trades over which he had investment discretion. He was suspended for three months and fined $30,000. On appeal the Commission sustained the findings of violations but remanded for reconsideration of the sanctions expressing concern that the sanctions might be deemed punitive rather than remedial. NYSE found the original sanctions appropriate on remand. In this decision the Commission sustained the sanctions.
The facts here have not changed significantly since the original Commission ruling. Only a cynic would note that what has changed is the membership of the Commission.
