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SECURITIES AND EXCHANGE COMMISSION v. BONASTIA

Nos. 79-1714, 79-1715.

614 F.2d 908 (1980)

SECURITIES AND EXCHANGE COMMISSION, Appellant in No. 79-1714 v. BONASTIA, Peter J., Thomas C. Gaffney, Terrence C. Madden, Monte Craviss, John T. Heine, Barry Simner, Robert A. Petrallia, Robert B. Turk, Robert DiConsiglio and Lawrence J. Stern. SECURITIES AND EXCHANGE COMMISSION v. BONASTIA, Peter J., Thomas C. Gaffney, Terrence C. Madden, Monte Craviss, John T. Heine, Barry Simner, Robert A. Petrallia, Robert B. Turk, Robert DiConsiglio and Lawrence J. Stern. Appeal of Terrence C. MADDEN, Appellant in No. 79-1715.

United States Court of Appeals, Third Circuit.

Decided February 7, 1980.

As Amended February 28, 1980.

Attorney(s) appearing for the Case

Linda D. Fienberg, Sp. Counsel (argued), David Ferber, Sol. to the Commission, Michael K. Wolensky, Asst. Gen. Counsel, Frederic Townsend, Securities and Exchange Com'n, Washington, D. C., for appellant in No. 79-1714 and cross-appellee in No. 79-1715.

John M. Burns, II (argued), New York City, for appellee in No. 79-1714 and cross-appellant in No. 79-1715.

Before ALDISERT, VAN DUSEN and HUNTER, Circuit Judges.

OPINION OF THE COURT

ALDISERT, Circuit Judge.

The major question for review in this civil action brought by the Securities and Exchange Commission against Terrence C. Madden is whether the district court misused its discretion by refusing to issue a permanent injunction against Madden after it had granted summary judgment in favor of the commission, determining that Madden had repeatedly violated various provisions of the federal securities laws. Madden...

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