On June 11th, the D.C. Circuit vacated the SEC's order barring petitioner from the securities industry. FINRA, as successor to the NASD, found that petitioner, the former regional director of Penn Mutual, violated NASD Conduct Rule 2110 by intentionally falsifying receipts, submitting a fraudulent expense report, and accepting reimbursement to which he was not entitled. FINRA then barred him and the SEC affirmed. The D.C. Circuit, however, vacated the bar order and remanded the case to the SEC. The Court found that the Commission abused its discretion when it affirmed the bar without addressing mitigating factors presented by the petitions. Saad v. SEC.