William Douglas Bradford v. Securities and Exchange Commission

Appellant has been permanently enjoined as follows:

The Securities and Exchange Commis.sion’s complaint stems mainly from the fact that “[t]he books and records maintained by defendant [appellant and broker] consist of two suitcases containing numerous loose and unassembled papers without intelligible arrangement or organization.” Also, he was in default at the time of trial in filing with the commission his required report of financial condition. See 15 U.S.C.A. § 78o(b), § 78q(a), 15 U.S.C.A. § 78w(a), and Rule 17, CFR 240.17a-5.

An examination of the record in the case indicates that it was not less than a question of fact whether or not adequate records were kept. And this court cannot say that the trial court’s findings were clearly erroneous.

An action for an injunction is authorized by 15 U.S.C.A. § 78u(e). Appellant contends, inter alia, that he was deprived of a jury trial. None is provided for in the act. The particular action was not known at common law. And if it had been, it would have been one in equity.

Even though, as appellant says, the government suffers no irreparable injury here, no such showing is required in these statutory actions. Bowles v. Huff, 9…