Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: StockDung who wrote (86697)	9/10/2005 7:02:49 AM
From: Jeffrey S. Mitchell	Read Replies (1) of 122087

WASHINGTON -(Dow Jones)- The Securities and Exchange Commission on Friday argued that it had a right to overturn a fine imposed by the NASD, fending off an appeal that had been filed with the U.S. Court of Appeals for the District of Columbia Circuit. "This is an extraordinary attempt to expand their authority," Eric Summergrad, the SEC's deputy solicitor general, told a three-judge panel. The SEC in March 2004 overturned a $50,000 fine on Amr Elgindy and Key West Securities Inc. The agency ruled that the NASD didn't have enough evidence to support allegations that Elgindy had manipulated the price of Saf T Lok Inc. The NASD appealed the decision in May 2004. The NASD's reputation as a regulator "is undermined" if the SEC is permitted to challenge its efforts to police the Nasdaq Stock Market, argued Alan Lawhead, director of the NASD's appellate group. Judge Harry Edwards rebuked the NASD, saying that "the SEC is clearly the higher tribunal." He said that "we don't allow lower tribunals to challenge higher tribunals who have authority over them. We just don't." -By Siobhan Hughes, Dow Jones Newswires; 202-862-6654; Siobhan.Hughes@ dowjones.com (END) Dow Jones Newswires 09-09-05 1251ET

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