Court Opinion

ID: 9495229
Source: CourtListenerOpinion
Date Created: 2023-08-05 15:57:42.941164+00
Date Added: 2024-06-11T17:56:53.893990
License: Public Domain

Opinion by Judge MAGILL; Dissent by Judge FISHER. ‘
FISHER, Circuit-Judge,
Dissenting:
I respectfully dissent from the decision insofar as it affirms the NASD’s lifetime bar of McNabb from association with any NASD member firm. According to the “General Principles Applicable to All Sanction Determinations,” “[t]he concept of progressive discipline applies to NASD disciplinary proceedings.” Yet a lifetime bar is the most serious punishment available, to be imposed upon a repeat offender or one whose misconduct is particularly egregious. There was no evidence that McNabb had a history of misconduct, and *1134his misconduct in this case was not so egregious as to warrant departure from the progressive scheme. Further, it is not clear that his misconduct caused any tangible harm- — his customers’ affidavits establish that he is repaying their money and they bear him no ill will. Under these circumstances, although I certainly do not condone McNabb’s conduct, I cannot agree that the abuse of discretion standard requires us to affirm such a severe penalty.