On August 8th, the Second Circuit affirmed a Commission order finding that a former stockbroker willfully violated the antifraud and recordkeeping provisions of the Exchange Act by orchestrating a mutual fund late trading scheme and by aiding and abetting and causing his firm to keep inaccurate books and records. The court agreed with the Commission's conclusion that the former stockbroker's submission of late-trade orders was an implied misrepresentation because it suggested that final orders were received before the funds' 4:00 p.m. pricing time. VanCook v. SEC.