LexisNexis Corporate & Securities Law Community 2011 Top 50 Blogs

Bon mots

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

"We do not distain to borrow wit or wisdom from any man who is capable of lending us either." Henry Fielding, Tom Jones

"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)

Finra Motion to Dismiss Appeal Granted

Edward J. Jakubik, Jr., Exchange Act Rel. 61541, February 18, 2010

Finra charged Jakubik with unauthorized trading in customer accounts. He failed to appear at the hearing and was barred by default by the Finra hearing officer. He failed to appeal this decision to Finra. He nevertheless filed an appeal with the SEC almost five years after the Finra sanctions became final. Finra moved to dismiss Jakubik's appeal. It argued: 1) he had failed to exhaust his administrative remedies by failed to challenge the default; and 2) his appeal to the SEC was untimely. The Commission agreed with Finra and dismissed Jakubik's appeal.