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Richard G. Cody v. Securities and Exchange Commission

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Before Boudin, Hawkins *fn1 and Thompson, Circuit Judges.

Richard G. Cody seeks review in this court of an administrative determination, sustained by the Securities and Exchange Commission (“SEC”), that Cody mismanaged various brokerage accounts under his supervision. The original determination including sanctions was made by the Financial Industry Regulatory Authority (“FINRA”). A reasonably full description of the underlying events and evidence is required.

In 1996 Cody became a “registered representative” in the securities industry, that is, a person who has passed an examination administered by FINRA and obtained a license to solicit, purchase, and sell securities while working with a member firm of FINRA. In practice, his clients often allow him to exercise de facto control over their accounts, whereby he consults the clients about general strategies but routinely executes specific trades on behalf of his clients without first asking for their authorization.

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