Selig v. Novak

Lyle Brown, Justice.

Appellee Stephen R. Novak held a license issued by the Arkansas Securities Commissioner to act as agent for Raney Brothers, Inc., a broker-dealer registered with the Commissioner. Raney’s authority was restricted to transactions in municipal and other governmental securities. The Commissioner, after a public hearing on five charges instituted by appellant and against appellee, permanently revoked appellee’s license. On appeal to circuit court it was held that the findings upon which the Commissioner based the permanent suspension were affected by error of law and not…