Fed. Sec. L. Rep. P 99,075

78 F.3d 593 Fed. Sec. L. Rep. P 99,075 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. Michael Ben LAVIGNE, Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, Respondent. 1 No. 94-70336. 2 United States Court of Appeals, Ninth Circuit. Argued and Submitted Oct. 19, 1995. Decided Feb. 22, 1996. 3 Before: REINHARDT and TROTT, Circuit Judges, and SCHWARZER, District Judge. * 4 MEMORANDUM ** 5 We affirm the opinion of the Securities and Exchange Commission affirming the sanctions the National Association of Securities Dealers, Inc. ("NASD") imposed on Lavigne, the former president and co-compliance officer of RCL Northwest Inc. ("RCL"), for violation of Article III, Sections 1 and 27, of the NASD's Rules of Fair Practice. We review a decision by the SEC to determine whether it was "arbitrary, capricious, an abuse of discretion, not in accordance with the law, or unsupported by substantial evidence on the record taken as a whole.... [T]he agency determination will not be set…