Legal Opinion
Rizek v. Securities & Exchange Commission
Court of Appeals for the First Circuit
Decided June 16, 2000No. 99-2114PublishedCited by 10 opinions
1Opinion of the Court
LYNCH, Circuit Judge.
Al Rizek was a vice president of Paine-Webber Incorporated of Puerto Rico. Over a ten-month period in 1993 he churned the accounts of five customers, causing losses of approximately $195,000 on accounts with average balances that totaled about $700,-000. This violated Section 10(b) of the Securities Exchange Act of 1934,15 U.S.C. 78j, and Rule 10b-5, 17 C.F.R. § 240.10b-5. Although his customers indicated that they had conservative investment objectives, Rizek pursued the extremely risky strategy of trading U.S. Treasury bonds in an attempt to take advantage of short-term…
2Cases cited24 opinions
- Securities & Exchange Commission v. Chenery Corp.Supreme Court of the United States · 1943
- Ernst & Ernst v. HochfelderSupreme Court of the United States · 1976
- Phelps Dodge Corp. v. National Labor Relations BoardSupreme Court of the United States · 1941
- American Power & Light Co. v. Securities & Exchange CommissionSupreme Court of the United States · 1946
- Greebel v. FTP Software, Inc.Court of Appeals for the First Circuit · 1999
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3Cited by10 opinions
- Rutanen v. BaylisCourt of Appeals for the First Circuit · 2002
- Securities & Exchange Commission v. FifeCourt of Appeals for the First Circuit · 2002
- Flannery v. Securities & Exchange CommissionCourt of Appeals for the First Circuit · 2015
- Citizens Awareness Network, Inc. v. United StatesCourt of Appeals for the First Circuit · 2004
- Moore v. Murphy (In Re Murphy)United States Bankruptcy Court, D. Massachusetts · 2003
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