J. BLAINE ANDERSON, Circuit Judge:
The defendant-appellant Pennaluna appeals from the district court's refusal to enjoin a pending Securities & Exchange Commission administrative proceeding. The court below concluded that Pennaluna must first exhaust its administrative remedies in the SEC proceeding before seeking relief in court. We determine, however, that the district court erred as a matter of law when it concluded that it had no jurisdiction and mechanically...
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