5th Circuit Panel Upholds Broker-Dealer’s Sentence In Ponzi Scheme Suit

Mealey's (October 24, 2018, 2:16 PM EDT) -- NEW ORLEANS — A federal district court committed no plain error in determining that the Financial Industry Regulatory Authority’s (FINRA) order against a securities broker and dealer was a prior administrative order for purposes of U.S. Sentencing Guidelines Section 2B1.1(b)(9)(C), and it did not err in applying a two-level sentencing enhancement against the broker-dealer because his operation of a Ponzi scheme violated the FINRA order, a Fifth Circuit U.S. Court of Appeals panel ruled Oct. 18 (United States v. John S. Blount, No. 17-30623, 5th Cir., 2018 U.S. App. LEXIS 29406)....