United States Securities & Exchange Commission v. Sierra Brokerage Services, Inc.

OPINION

ALICE M. BATCHELDER, Chief Judge.

The Securities and Exchange Commission filed this civil enforcement action against twelve Defendants, alleging that they violated registration, disclosure, and anti-fraud provisions of federal securities law. The SEC moved for summary judgment against the Defendants, and the Defendants made a cross-motion for summary judgment. The district court granted the SEC’s motion in part and denied it in part, granted permanent injunctions against the Defendants, and denied the Defendants’ cross-motion. On appeal, Defendant-Appellant Aaron Tsai challenges the…