Opinion ID: 737499
Heading Depth: 1
Heading Rank: 1

Heading: The civil actions

Text: 6
7 On March 7, 1994 the SEC filed a civil complaint against Merriam and The Vintage Group, Inc. (Vintage) involving the allegations later filed in the criminal case plus others. The complaint alleged violations of, inter alia, 15 U.S.C. §§ 77e(a) and (c), 77q(a), 78j(b), 80a-35(a), and 78m(a) as well as 17 C.F.R. §§ 240.10b-5, .12b-20, .13a-1 and .13a-13. 8 On October 20, 1994 a consent judgment was filed and signed by the district court. In that judgment, Merriam consented to the lifetime bar that is the basis for his double jeopardy claim. The consent judgment provides that Merriam is permanently barred from acting or serving as an officer or director of any issuer either having a class of securities registered pursuant to Section 12 of the Exchange Act [15 U.S.C. § 78l], or that is required to file reports pursuant to Section 15(d) of the Exchange Act [15 U.S.C. § 78o(d) ].... 9
10 On March 6, 1992, the National Association of Securities Dealers (NASD) through its Market Surveillance Committee (MSC) initiated disciplinary proceedings against Hayes and others relating to the sale of Vintage stock. After an evidentiary hearing the MSC concluded that Hayes violated Section 10(b) of the Securities Exchange Act of 1934, Rule 10(b)5 Sections 1 and 18 of the Association's Rules of Fair Practice, Article III Section 1 and 28 of the Association's Rules of Fair Practice, Regulations T and X of the Federal Reserve System, and Regulation E of the Securities Act of 1933. Hayes was censured, fined $300,000 and barred from association with any member in any capacity. He appealed the MSC decision to the NASD National Business Conduct Committee, who affirmed the decision. He then sought review by the SEC who sustained the NASD's disciplinary action on September 13, 1994.