YOUNG v. S.E.C.

No. 16-1149.

956 F.3d 650 (2020)

Bernerd E. YOUNG, Petitioner v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, District of Columbia Circuit.

Decided April 28, 2020.


Attorney(s) appearing for the Case

Minh Nguyen-Dang , appointed by the court, argued the cause as amicus curiae for petitioner. On the brief was Brian D. Netter , appointed by the court.

Bernerd E. Young, pro se, argued the cause and filed the briefs for petitioner.

Dina B. Mishra , Senior Counsel, U.S. Securities and Exchange Commission, argued the cause for respondent. With her on the brief were Mark R. Freeman , Mark B. Stern , and Daniel Aguilar , Attorneys, U.S. Department of Justice, Michael A. Conley , Solicitor, U.S. Securities and Exchange Commission, and Dominick V. Freda , Assistant General Counsel. Lisa K. Helvin , Attorney, U.S. Securities and Exchange Commission, entered an appearance.

Opinion concurring in the judgment filed by Senior Circuit Judge Williams.


In 2012 the Securities and Exchange Commission prosecuted Bernerd Young for multiple securities violations based on his participation in a multi-billion dollar Ponzi scheme between 2006 and 2009, during the height of the financial crisis. After a hearing, an administrative law judge (ALJ) found him liable on most of the charges...

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