Saad v. Securities & Exchange Commission

I add this brief concurrence to explain why I believe the Court is correct to remand this case to the SEC.

Our precedents say that the SEC may approve expulsion or suspension of a securities broker as a remedy, but not as a penalty. Our cases in turn have upheld various expulsions or suspensions as remedial. See, e.g., PAZ Securities, Inc. v. SEC, 566 F.3d 1172, 1175-76 (D.C. Cir. 2009). Our use of the term “remedial” to describe expulsions or suspensions finds its roots in a single, unexplained sentence in a 77-year-old Second Circuit case. See Wright v. SEC, 112 F.2d 89, 94 (2d Cir. 1940).…