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ARTICLE · 23 DECEMBER 2010

Scope of SEC’s Authority to Issue Lifetime Bans Challenged

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To protect the integrity of its proceedings and processes, the Securities and Exchange Commission (SEC or Commission) can deny individuals the privilege of appearing and practicing in SEC proceedings.

United StatesLitigation, Mediation & Arbitration
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Article by John J. Tharp, Jr. , Joseph De Simone and Robert E. Entwisle

Originally published December 21, 2010

Keywords: SEC proceedings, unethical conduct, SEC investigation, attorney ethics

To protect the integrity of its proceedings and processes, the Securities and Exchange Commission (SEC or Commission) can deny individuals the privilege of appearing and practicing in SEC proceedings. Recently, relying upon New York rules of professional conduct governing lawyers, the SEC barred attorney Steven Altman for alleged unethical conduct stemming from his representation of a witness in connection with an SEC investigation. 

Altman has filed a declaratory judgment action in the US District Court for the Southern District of New York, claiming that the agency unconstitutionally usurped the powers of the New York attorney disciplinary commission in issuing the public lifetime ban. Altman also seeks injunctive relief and has filed a motion seeking an order of

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