U.S. Securities & Exchange Commission v. Brookstreet Securities Corp.

MEMORANDUM

Stanley Brooks appeals from the district court’s grant of summary judgment to the SEC and imposition of injunctive and monetary relief. Brooks contends that disputes of material fact remain as to whether Brookstreet’s employees committed certain primary violations of federal securities laws, and as to whether Brooks was a control person of those 'employees. Brooks also challenges the district court’s injunction as overbroad, and both Brooks and the SEC ask us to remand this case to the district court in order to recalculate the monetary relief imposed against Brooks. Because the parties are familiar with the facts and procedural history- of these cases, we repeat only those facts necessary to resolve the issues raised on appeal. We affirm, except as to the remedies portion of the district court’s judgment.

Discussion

A. Evidentiary Matters

With the exception of citations to his own affidavit, the testimony of Professor Finnerty in a related Florida trial, and several citations to the Affidavit of Troy Gagliardi, Brooks failed to specifically identify any facts that would controvert the SEC’s Statement of Undisputed Facts. Accordingly, we must accept as true the…