KOCH v. S.E.C.

No. 14-1134.

793 F.3d 147 (2015)

Donald L. KOCH and Koch Asset Management, LLC, Petitioners v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, District of Columbia Circuit.

Decided July 14, 2015.


Attorney(s) appearing for the Case

Thomas O. Gorman argued the cause for the petitioners.

Dominick V. Freda , Senior Litigation Counsel, Securities and Exchange Commission, argued the cause for the respondent. Michael A. Conley , Deputy General Counsel, John W. Avery , Deputy Solicitor, and Theodore J. Weiman , Senior Counsel, were with him on brief.

Opinion for the Court filed by Circuit Judge HENDERSON.


The main purpose of the stock market is to make fools of as many men as possible. — Bernard M. Baruch

As an investment adviser, Donald Koch purchased stock from three small banks and made trades to increase the price of those shares immediately before the daily close of the stock market. This...

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