Open Meeting Agenda
Monday, November 2, 2009

Oral Argument in the Matter of Guy P. Riordan

The Commission will hear oral argument on an appeal by Guy P. Riordan from an initial decision of an administrative law judge. The law judge found that, from around 1996 to December 2002, Riordan, a former registered representative associated with Wachovia Securities, LLC, in its Albuquerque, New Mexico, branch office, violated the antifraud provisions by making secret cash payments to the New Mexico State Treasurer in exchange for securities business from the Treasurer's Office. The law judge barred Riordan from associating with any broker or dealer; imposed a cease-and-desist order; ordered disgorgement of $1,017,278.78, plus prejudgment interest; and assessed a $500,000 third-tier civil penalty.

Among the issues likely to be argued are whether Riordan engaged in the conduct alleged, whether that conduct constituted securities fraud and, if so, the extent to which sanctions should be imposed.

For further information, please contact the Office of the Secretary at 202 551-5400.