Opinion ID: 222672
Heading Depth: 1
Heading Rank: 3

Heading: Opinion of the SEC

Text: VanCook petitioned the SEC for review of the ALJ's decision. The SEC agreed with the ALJ that VanCook violated Section 10(b), Rule 10b-5, Section 17(a)(1), and Rule 17a-3(a)(6). The SEC disagreed with the ALJ only as to the calculation of disgorgement; the SEC concluded that the ALJ's disgorgement figure should be reduced to more closely align the figure with the approximate frequency of late trading in which Goodwin admittedly engaged. Joseph John VanCook, Exchange Act Release No. 61,039A, 97 SEC Docket 777, 2009 WL 4026291, at  (Nov. 20, 2009). The SEC's recalculation reduced the amount of disgorgement by $5,331.69 (ten percent of the value of the fees received by VanCook from Goodwin) to $533,234.01, plus prejudgment interest. Id. at . Pursuant to 15 U.S.C. § 78y(a)(1), VanCook now asks us to vacate the SEC's decision.