SEC to decide whether Kokesh has bearing on permanent bar of broker-dealer from membership. A broker-dealer was alleged to have unlawfully misappropriated his employer’s funds and then spent seven months misleading investigators to cover up his wrongdoing. The SEC sustained a FINRA decision permanently barring Saad from membership and from working with any of its affiliated members. On appeal, the DC Circuit determined that the SEC properly evidenced Saad’s acts of misappropriation, his prolonged efforts to cover his tracks through falsehoods, and his repeated obstruction. As to the permanent bar, the Circuit remanded to the SEC to decide whether Kokesh v. SEC has any bearing on Saad’s case. (10/13/2017) Saad v. Securities and Exchange Commission.