Decision from an SEC administrative law judge concluding that Mark David Anderson did not violate federal securities laws, dismissing the case against him.

SEC Initial Decision on Mark David Anderson – Case Dismissal

In their pleadings in defense of my defamation lawsuit, Nine used this case to claim Mark Anderson was fined by the SEC for having sold dubious, high-risk investment products. In fact, the only products he sold were tax-free municipal bonds. Not a single client who bought those bonds lost of penny of interest or principal. Not a single client ever complained. But the SEC considered the fully disclosed markups excessive, despite the fact that Mark Anderson’s clients where sophisticated municipal bond buyers who agreed the markups were justified based on the extra work Anderson did to locate the bonds. Mark Anderson won at the trial level, but the SEC appealed. The appellate court overruled the trial court, and sided with the government. Mark Anderson didn’t have the funds to continue the legal battle, and ended up filing for bankruptcy instead. The opinion of the trail court judge is a scathing indictment of the SEC and vindication of Anderson. The appeals court erred in its decision to reverse the opinion of the judge who actually presided over the case. Read the trial judge’s ruling and decide for yourself.