May 3rd 06, 02:03 PM
posted to rec.games.chess.misc,rec.games.chess.politics
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Sam Sloan - Jail?
"The Historian" wrote in message
oups.com...
wrote:
Sam took a securities case to the U.S. Supreme
Court and WON by 9-0. He is the last non-attorney to
argue successfully before the Court. He would have
had to prevail in a second case to recover his
license, which he had neither the money nor energy to
do.
Larry is 'under-researched', as Philth Innes might say. The Supreme
Court case was in 1978, AFTER Sloan lost his license.
Some people think you go to court to seek redress for things which have
already happened! On the other hand, some people don't think at all!
They seek attention by stalking and name-calling, and making outrageous
commentaries about other people - and we must presume this anxiety is caused
by virtue of them have no life-experience themselves, and they are more than
a little afraid.
Phil Innes
The bureaucrats lost in the courts but they won
out against the individual.
Again, Sloan's 'victory' was only on a procedural matter. The Supreme
Court ruled the SEC could not reissue a ten-day suspension order "based
upon a single set of circumstances." Implying Sloan could ever have
resumed trading shows an ignorance, wilfull or otherwise, of the facts.
http://www.samsloan.com/sec.htm
http://www.samsloan.com/369fs996.htm
Conclusions of Law
1. This Court has jurisdiction under Section 27 of the Exchange Act, 15
U.S.C. ?? 78aa.
2. From on or about January 15, 1971 through January 31, 1972, [**13]
as well as from May 1973 to date, Sloan & Co., under the direction of
Sloan wilfully violated Section 17(a) of the Exchange Act, 15 U.S.C.
?? 78q(a), and Rules 17a-3 and 17a-4 promulgated thereunder, in
that Sloan & Co. failed to properly maintain, keep current and preserve
certain of its books and records, including: Ledgers or other records
reflecting all assets and liabilities, income and expense and capital
accounts; A securities record or ledger; A firm trading account;
Ledgers (or other records) reflecting securities failed to receive and
failed to deliver; Trial balances (or other records of all ledger
accounts); and Computations of aggregate indebtedness and net capital.
3. From on or about January 18, 1971 as well as May and August 1973,
Sloan & Co., under the direction of Sloan wilfully violated Section
15(c)(3) of the Exchange Act, 15 U.S.C. ?? 78o(c)(3), and Rule
15c3-1 promulgated thereunder, in that Sloan & Co. effected
transactions in securities (other than exempted securities or
commercial paper, bankers' acceptances or commercial bills) otherwise
than on a national securities exchange while and at a time when its
aggregate indebtedness to all other persons exceeded [**14] 2,000 per
centum of its net capital and, in addition, its net capital was less
than $5,000 or $15,000 as required.
4. While engaged in the above described acts, practices and course of
business, defendants, directly and indirectly, made use of the mails
and means and instruments of transportation and communication in
interstate commerce, and of the means and instrumentalities of
interstate commerce, and effected the transactions otherwise than on a
national securities exchange.
5. The issuance of a permanent injunction is necessary to protect the
public against the continuation or repetition of the above described
violations [*1002] and, unless permanently enjoined, there is a
likelihood that the defendants will continue to engage in violations of
the Exchange Act and the Rules promulgated thereunder.
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