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Utah Broker Loses on Agency Deference in SEC Reporting Case

Aug. 29, 2019, 6:39 PM

A Utah-based broker is stuck with summary judgments against him after a New York federal judge refused to reconsider the decisions in favor of the SEC Aug. 29.

Alpine Securities Corp. asked for reconsideration after a 2019 U.S. Supreme Court decision which it said made earlier deference to the Securities and Exchange Commission inappropriate. But the high court’s new “analysis did not change the law,” the U.S. District Court for the Southern District of New York said.

The SEC sued Alpine in 2017 for repeatedly failing to file proper suspicious activity reports with the Financial Crimes Enforcement Network. Judge ...