Panel: Investment Adviser’s Collateral Suit Bypassed SEC’s Statutory Scheme

Mealey's (January 2, 2020, 2:36 PM EST) -- ATLANTA — An 11th Circuit U.S. Court of Appeals panel on Dec. 30 ruled that an investment adviser may not file a lawsuit challenging the Securities and Exchange Commission’s filing of administrative proceedings against him because allowing such action would allow him to impermissibly “bypass the SEC statutory scheme by filing a collateral action in federal district court” (Christopher M. Gibson v. Securities and Exchange Commission, et al., No. 19-11969, 11th Cir., 2019 U.S. App. LEXIS 38635)....