U.S. Court of Appeals for the Second Circuit, 1984

Securities & Exchange Commission v. Cayman Islands Reinsurance Corp.

U.S. Court of Appeals for the Second Circuit · Decided May 8, 1984 · Mansfield, Pratt, Winter

734 F.2d 118; 1984 U.S. App. LEXIS 22669 (Federal Reporter, Second Series)

Counsel

Richard A. Kirby, Asst. Gen. Counsel, S.E.C., Washington, D.C. (Daniel L. Goelzer, Gen. Counsel, Jacob H. Stillman, Associate Gen. Counsel, Gerard S. Citera, Atty., Allyn C. Shepard, Atty., Paul Gonson, Sol., S.E.C., Washington, D.C., on brief), for plaintiff-appellant-cross-appellee., Stanley S. Arkin, New York City (Mark S. Arisohn, Marc Bogatin, Jeffrey M. Kaplan, Suzan Cox, law clerk, Arkin & Arisohn, P.C., New York City, on brief), for defendant-appellee-cross-appellant.

Cases that cite this one

1 later published case cites this decision.

Sec v. Cayman Islands Reinsurance Corp. (2d Cir. 1984)

This list shows which later cases cite this one. It does not say how they treated it, and no review of that has been done. Not a substitute for Shepard’s or KeyCite — verify before relying.

Opinion of the Court

PER CURIAM:

The appeal and cross-appeal have been taken from certain of Judge Conner’s findings of fact and conclusions of law reported at SEC v. Scott, 565 F.Supp. 1513 (S.D.N.Y. 1983).

Judge Conner’s finding that there was no reasonable likelihood that Dirks would commit future violations of the anti-fraud provisions of the federal securities laws is not clearly erroneous. Given that finding, his refusal to enjoin Dirks from committing such violations was entirely proper. See SEC v. Commonwealth Chemical Securities, Inc., 574 F.2d 90, 99-100 (2d Cir. 1978). The judgment on the appeal is therefore affirmed.

Since the findings of fact underlying Judge Conner’s conclusion that Dirks violated Section 17(a) of the Securities Act, 15 U.S.C. § 77q(a), Section 10(b) of the Securities Exchange Act, 15 U.S.C. § 78j(b), and SEC Rule 10b-5, 17 C.F.R. § 240.10b-5, are also not clearly erroneous, the judgment on the cross-appeal is affirmed.

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