SEC bar order vacated. The US Court of Appeals for the DC Circuit vacated an SEC order that affirmed the Financial Industry Regulatory Authority’s decision to bar the petitioner from the securities industry. FINRA found that the 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. The Court found that the SEC abused its discretion when it affirmed the bar without addressing mitigating factors presented by the petitioner. (6/11/2013) Saad v. SEC.