Fed. Sec. L. Rep. P 99,038

68 F.3d 482 Fed. Sec. L. Rep. P 99,038 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. Thomas F. WHITE, et al., Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent. 1 No. 94-70106. 2 United States Court of Appeals, Ninth Circuit. Argued and Submitted Aug. 14, 1995. Decided Oct. 12, 1995. 3 Before: D.W. NELSON and T.G. NELSON, Circuit Judges, and KING, * District Judge. 4 MEMORANDUM ** 5 Thomas F. White & Company, Inc. and John Warren Boudinot (collectively "White") petition from an order of the Securities and Exchange Commission ("SEC") affirming in part a decision of the National Association of Securities Dealers ("NASD") finding that White charged retail customers excessive markups in the sale of corporate bonds. The NASD censured and fined White, and ordered White to refund the excessive markups. White asserts that (1) the markups were reasonable, (2) the NASD markup policy is unconstitutionally void for vagueness, and (3) the sanctions and fines were…