Wright v. Securities & Exchange Commission

When this case was before us previously, Wright v. Securities and Exchange Commission, 2 Cir., 112 F.2d 89, we held that there was substantial evidence to support the Commission’s finding that petitioner had manipulated the market in violation of the Securities Exchange Act of 1934, § 9(a) (2), 15 U.S.C.A. § 78i(a) (2), but that there was no such evidence to support a finding that he had matched orders to create a false appearance of active trading in a security, in violation of § 9(a) (1), 15 U.S.C.A. § 78i(a) (1). A majority of the court held that we lacked power to supervise the…