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Securities and Exchange Commission decisions trump the sanctions imposed by the brokerage industry’s self-regulatory agency, a federal appeals court in Washington ruled last week. In an unusual challenge, the National Association of Securities Dealers sued the SEC for overturning a disciplinary action and fines the NASD imposed on one of its members. The NASD said the SEC undermined its reputation by doing so. The court, however, said the NASD did not have legal standing to file the case in the first place. “In short, NASD’s petition for review is not only unprecedented, it is legally unsupportable,” wrote Senior Judge Harry Edwards in a Dec. 13 opinion joined by Judges David Tatel and Janice Rogers Brown. At the heart of the case is Anthony Elgindy, a notorious stock speculator who was found guilty of racketeering and securities fraud charges in Brooklyn federal court in January. The NASD wanted to fine Elgindy and his brokerage company, Key West Securities Inc., $50,000 each and bar him from associating with any NASD member for what it said were violations of an array of NASD rules in 1997. An inmate at a New York prison, Elgindy filed a handwritten brief as an intervenor in the case.
Lily Henning can be contacted at [email protected].

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