Yoshikawa
Yoshikawa v. Securities & Exchange Commission
Opinion
Lead Opinion
MEMORANDUM ***
Terrance Y. Yoshikawa petitions for review of an order of the Securities and Exchange Commission, which sustained a sanction imposed upon him and Ko Securities, Inc. (hereafter collectively ‘Yoshikawa”) by the National Association of Securities Dealers, Inc. (NASD) through its *476 National Adjudicatory Council (NAC). We deny the petition.
As relevant here, the sanction, which was imposed because Yoshikawa violated the NASD’s rules regarding short sales, 1 consisted of a fíne in the amount of Yoshikawa’s gains from the violation. Upon review of the record, we cannot say that under the circumstances the SEC abused its discretion when it sustained the disgorgement sanction imposed by the NASD, which had the effect of depriving Yoshikawa of the ill-gotten gains. See McNabb v. SEC, 298 F.3d 1126, 1133 (9th Cir.2002); Krull v. SEC, 248 F.3d 907, 911-12, 915 (9th Cir.2001); Hateley v. SEC, 8 F.3d 653, 655 (9th Cir.1993); In re Sweeney, 50 S.E.C. 761, 768, (1991); see also Saberi v. Commodity Futures Trading Comm’n, 488 F.3d 1207, 1215 (9th Cir.2007). That being so, we must deny the petition.