John Pierce v. Securities and Exchange Commission

On October 28, 1954, petitioner filed with the Securities and Exchange Commission (herein “Commission”) an application for registration as a broker or dealer. 15 U.S.C.A. § 78o(b). On November 5, 1954, the Commission ordered that a hearing be held on the question of denial of registration to petitioner, 15 U.S.C.A. § 78o(b), which hearing was held at Los Angeles, California, in November and December 1954. On February 8, 1955, the Hearing Examiner filed a 44 page Recommended Decision which recommended that petitioner’s application for registration as a broker and dealer become “effective forthwith.”

The Commission’s Division of Trading and Exchanges filed exceptions to this Recommended Decision, and in response, petitioner sought adoption of the recommended decision. Following an independent review of the evidence, the Commission, on August 16,1955, issued its Findings, Opinion and Order denying petitioner’s application for registration. On October 24, 1955, the Commission denied petitioner’s petition for rehearing. On October 14, 1955, petitioner petitioned this Court for Review of the order denying petitioner registration as a broker and dealer, asking ’this Court to “set aside”…