Legal Opinion
Monetta Financial Services, Inc. And Robert S. Bacarella v. Securities and Exchange Commission
Court of Appeals for the Seventh Circuit
Decided November 30, 2004No. 03-3073PublishedCited by 12 opinions
1Opinion of the Court
WILLIAMS, Circuit Judge.
Monetta Financial Services, Inc. (“MFS”), a registered investment adviser, and its president, Robert Bacarella, seek review of a Securities and Exchange Commission (“SEC or Commission”) order finding that MFS violated Section 206(2) of the Investment Advisers Act by failing to disclose that it allocated shares of Initial Public Offerings (“IPOs”) to certain directors of its mutual fund clients and that Bacarella aided and abetted in the violation. While we agree with the SEC that MFS violated Section 206(2), we find that there is insufficient evidence to support a…
2Cases cited14 opinions
- Securities & Exchange Commission v. Capital Gains Research Bureau, Inc.Supreme Court of the United States · 1963
- American Power & Light Co. v. Securities & Exchange CommissionSupreme Court of the United States · 1946
- Burks v. LaskerSupreme Court of the United States · 1979
- Charles W. STEADMAN, Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, RespondentCourt of Appeals for the Fifth Circuit · 1979
- Securities and Exchange Commission v. Charles W. Steadman, (Two Cases)Court of Appeals for the D.C. Circuit · 1992
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3Cited by12 opinions
- McConville v. United States Securities & Exchange CommissionCourt of Appeals for the Seventh Circuit · 2006
- The Robare Group, LTD. v. SECCourt of Appeals for the D.C. Circuit · 2019
- Birkelbach v. Securities & Exchange CommissionCourt of Appeals for the Seventh Circuit · 2014
- Michael A. Rooms v. Securities and Exchange CommissionCourt of Appeals for the Tenth Circuit · 2006
- United States Securities & Exchange Commission v. UstianDistrict Court, N.D. Illinois · 2017
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