SEC’s Lifetime Bar Affirmed

On December 2, the D.C. Circuit affirmed the lifetime industry bar the SEC imposed against petitioner Peter Siris. The SEC issued the bar order after Siris consented to the entry of a judgment stemming from Siris’ alleged insider trading, activities as an unregistered broker, material misstatements, and related securities violations. The Court found that the threshold statutory requirements for the imposition of remedial sanctions were satisfied and that the SEC acknowledged the steps Siris had taken to avoid future misconduct, justifiably rebuffed Siris’ proffered evidence contradicting the allegations of the complaint, which he voluntarily agreed not to contest, and gave sufficient attention to any mitigating evidence. The Court concluded that Siris did not show that the Commission’s imposition of a lifetime bar was unwarranted as a matter of law or unjustified in fact. Siris v. SEC.