In a petition for review of the SEC’s finding of securities law violations by Petitioners, the petition is granted in part, where the SEC failed to explain its finding that certain omissions by Petitioners involved a material fact; but denied in part, where the scheme at issue clearly involved an “underwriter,” which refuted Petitioners’ theory that they properly relied on the Regulation S and Section 4 exemptions.
Read Zacharias v. SEC, No. 08-1134
Appellate Information
Argued March 5, 2009
Decided June 23, 2009
Judges
Per Curiam.
Opinion dissenting in part filed by Senior Circuit Judge WILLIAMS.
Counsel
For Petitioners:
Jeffrey J. Scott
David A. Zisser, Isaacson Rosenbaum P.C., Denver, CO
Thomas D. Birge, Birge & Minckley P.C., Centennial, CO
For Respondents:
Randall W. Quinn, Assistant General Counsel, Securities & Exchange Commission, Washington, DC
Andrew N. Vollmer, Acting General Counsel, Securities & Exchange Commission, Washington, DC
Jacob H. Stillman, Solicitor, Securities & Exchange Commission, Washington, DC
Benjamin L. Schiffrin, Securities & Exchange Commission, Washington, DC
Brian G. Cartwright, Securities & Exchange Commission, Washington, DC
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