Opinion ID: 4182911
Heading Depth: 3
Heading Rank: 1

Heading: Mr. Zavanelli and ZPRIM

Text: In 1994, Mr. Zavanelli founded ZPRIM, an investment firm registered as an “investment adviser” with the SEC. Mr. Zavanelli was ZPRIM’s president and sole shareholder. As such, he “had ultimate authority over all aspects of ZPRIM’s advisory business, including its advertising.” ZPRIM employed Ted Bauchle as its operations manager from 1999 until early 2013. According to Mr. Bauchle, Mr. 1 For clarity, we use “SEC” to refer to the party opposing this appeal and “the Commission” to refer to the administrative tribunal whose decision we are reviewing. 2 Case: 16-15322 Date Filed: 06/30/2017 Page: 3 of 32 Zavanelli was ZPRIM’s “boss man.” Mr. Zavanelli “made all the decisions” and “was difficult to disagree” with “because he was under the impression that the company should be run his way and that he was always correct.”