Roach
Roach v. Woltmann
Opinion
Opinion
Byrne, J.
ORDER
I. BACKGROUND
This case arises out of a National Association of Securities Dealers (“NASD”) disciplinary action. On November 7, 1990, the NASD filed a complaint against plaintiff Gene Roach (“plaintiff’), then a member of the NASD, and his firm, Wilshire Discount Securities, Inc., for securities fraud based on conduct by plaintiff in 1989 and 1990. Defendant Lani Woltmann (“defendant”) acted as prosecutor for the NASD in a hearing before the NASD district business conduct committee (“DBCC”). As a result, on May 17,1991, the DBCC fined and censured plaintiff, and barred him from the securities industry.
Plaintiff appealed to the NASD national business conduct committee (“NBCC”). On November 27, 1991, that committee partially affirmed the lower committee’s findings, and affirmed the sanctions. Plaintiff then appealed to the Securities and Exchange Commission (“SEC”). The SEC affirmed all but one of the NBCC’s findings, and reduced the sanctions, on June 30, 1993.
Plaintiff commenced this action in the Superior Court for the County of Riverside by serving the complaint on defendant on July 27, 1994. Defendant removed to this Court on August 26, 1994.