Amicus Brief in Support of the SEC's Appeal of the District Court's Order Denying the Commission's Application for an Order to Compel SIPC to Protect Stanford Group Company Customers--Filed

7/23/2019 Amicus Brief in Support of the SEC's Appeal of the District Court's Order Denying the Commission's Application for

1/134

SKTJI JTFWMGHR HKR _GR UE@GBWIGB]

Hk. :4-7401

OH R@G WHORGB URJRGU EKWTR KA J\\GJIU

AKT R@G BOURTOER KA EKIWMDOJ EOTEWOR[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[

UGEWTOROGU JHB GPE@JHFG EKMMOUUOKH,\gtotokhgr-Jppgiijht,

v.

UGEWTOROGU OHQGURKT \TKRGEROKH EKT\KTJROKH,Tgspkhbght-Jppgiigg

Kh Jppgji arkm t`g Whotgb Utjtgs Bostroet Ekurt akr t`g Bostroet ka EkiumdojEovoi Jetokh Hk. ::-me-160 (TIV)

JMOEWU EWTOJGDTOGA KA R@G EKWTR-J\\KOHRGB GPJMOHGT,

R@G KAAOEOJI URJHAKTB OHQGURKTU EKMMORRGG,

JHB R@G URJHAKTB QOEROMU EKJIOROKH

OH UW\\KTR KA \GROROKHGT-J\\GIIJHR

JHB TGQGTUJI KA R@G BOURTOER EKWTRU KTBGT

URTJUDWTFGT & \TOEG, II\

Nk`h @gaahgrBostroet ka Ekiumdoj Djr Hk. ::2


2/134

o

EGTROAOEJRG JU RK \JTROGU, TWIOHFU, JHB TGIJRGB EJUGU

Gxegpt akr t`g jmoeo eurojgiostgb dgikw, jii pjrtogs, ohtgrvghkrs, jhb jmoeo

jppgjrohf dgakrg t`g bostroet ekurt jhb oh t`os Ekurt jrg iostgb oh t`g Ohotoji Droga ka

t`g Ugeurotogs jhb Gxe`jhfg Ekmmossokh, Jppgiijht>

Nk`h N. Iottig Ekurt-Jppkohtgb Gxjmohgr(jppkohtgb dy t`g Tgegovgrs`op Ekurt

dy krbgr bjtgb Jproi 44, 4


3/134

oo

RJDIG KA EKHRGHRU

\jfg

Egrtoaoejtg js tk \jrtogs, Tuiohfs jhb Tgijtgb Ejsgs o

Rjdig ka Ekhtghts oo

Rjdig ka Jut`krotogs ov

Fikssjry vo

Egrtoaoejtg ka Ohtgrgstgb \grskhs jhb voooTuig 41.: Boseiksurg Utjtgmght

Tuig 4?(e)(7) Egrtoaoejtg x

O. R@G TKIGU KA R@GJMOEO EWTOJG> R@G GPJMOHGT, :R@G OHQGURKTU EKMMORRGG JHB R@GURJHAKTB QOEROMU EKJIOROKH

J. R`g Gxjmohgr 4

D. R`g Ohvgstkrs Ekmmottgg 5

E. R`g Utjhakrb Qoetoms Ekjiotokh 7

OO. \TOKT \TKEGGBOHFU 7

OOO. \TGIOMOHJT_ URJRGMGHR 1

OQ. UWMMJT_ KA R@G JTFWMGHR 6

Q. JTFWMGHR 0

J. Aohbohfs jhb Tuiohfs dy t`g Tgegovgrs`op Ekurt jhb 0t`g 7t`Eoreuot Ekhtrjboet t`g Ajets Tgiogb upkh Dgikw

:. Vjs UODI sgpjrjtg jhb bostohet arkm UFE; :


8/134

voo

UGE Ugeurotogs jhb Gxe`jhfg Ekmmossokh

UFE Utjhakrb Frkup Ekmpjhy, j rgfostgrgb drkcgr-bgjigr jhb UO\E mgmdgr

UODI Utjhakrb Ohtgrhjtokhji Djhc, Itb.

UO\J Ugeurotogs Ohvgstkr \rktgetokh Jet ka :?6

R@G GPJMOHGT, R@G OHQGURKTU EKMMORRGG JHB R@G

URJHAKTB QOEROMU EKJIOROKH:

Oh Agdrujry 4


13/134

4.

Ohvgstkr \rktgetokh Ekrpkrjtokh (UO\E). Ohtgrgst jhb proheopji pjymghts wgrg

auhbgb wot` mkhgy ohvgstgb dy sudsgqught UODI EB pure`jsgrs.

R`g Tgegovgrs`op Ekurt akuhb fkkb ejusg tk dgiogvg t`jt t`g Utjhakrb

Ghtotogs vokijtgb agbgrji sgeurotogs ijws. Kh Agdrujry :1, 4


14/134

5.

bgtgrmohg wkuib dg `gipaui tk t`g Ekurt oh ekhsobgrohf t`g ohtgrgsts ka t`g

ohvgstkrs oh jhy aohjheoji prkbuets, jeekuhts, vgòeigs kr vghturgs spkhskrgb,

prkmktgb kr skib dy jhy Bgaghbjhts oh tòs jetokh (t`g Ohvgstkrs). Tgegovgrsòp

\rkeggbohf, Bke. Hk. 544, jt :-4 (t`g Gxjmohgr Krbgr).7

R`g Gxjmohgr Krbgr jut`krozgb t`g Gxjmohgr tk ekhbuet sue` ohvgstofjtokh

js `g bggms hgegssjry tk prkvobg sue` ohakrmjtokh tk t`g Ekurt, jhb tk usg jhy

bosekvgry mgt`kbs prkvobgb oh Tuigs 41 t`rkuf` 56. Ob. jt 4. R`g Gxjmohgr

Krbgr jisk jut`krozgb t`g Gxjmohgr tk aoig Tgpkrts jhb Tgekmmghbjtokhs wot` t`g

Ekurt js `g s`jii sgg aot, jhb tk aoig drogas oh rgspkhsg tk jhy mktokh aoigb oh t`g

Tgegovgrsòp \rkeggbohf. Ob.

D. R`g Ohvgstkrs Ekmmottgg

Kh Ugptgmdgr ?, 4


15/134

2.

R`g Mkvjhts, t`g Tgegovgr, t`g Gxjmohgr, jhb t`g UGE sudsgqughtiy

rgje`gb jh jfrggmght tk rgskivg t`g mktokh jhb ergjtg jh ohvgstkrs ekmmottgg. Kh

Jufust :


16/134

7.

E. R`g Utjhakrb Qoetoms Ekjiotokh

R`g Utjhakrb Qoetoms Ekjiotokh (UQE) os j hkt-akr-prkaot ekrpkrjtokh

krfjhozgb jhb gxostohf uhbgr Rgxjs ijw. Ot wjs akuhbgb dy Ms. Jhfgij U`jw

Ckfutt, j Utjhakrb ohvgstkr rgsobohf oh Rgxjs. R`g UQE `js mkrg t`jh 2,


17/134

1.

OOO. \TGIOMOHJT_ URJRGMGHR

Ròs jmoeusDroga os aoigb nkohtiy dy t`g Gxjmohgr, t`g Ohvgstkrs Ekmmottgg

jhb t`g UQE oh suppkrt ka t`g \gtotokhgr-Jppgiijht jhb rgvgrsji ka t`g bostroet

ekurts krbgr. Upgeoaoejiiy, t`g jmoeo sggc tk jbvosg tòs Ekurt ka aohbohfs jhb

ruiohfs dy t`g Tgegovgrsòp Ekurt jhb t`g 7t` Eoreuot Ekurt ka Jppgjis (7t`

Eoreuot) t`jt ekhtrjboet mjhy ka t`g ajets upkh wòe` t`g bostroet ekurt

jppjrghtiy rgiogb.

Akr gjsg ka rgagrgheg, t`g jmoeo `jvg jttje`gb twk ruiohfs ka t`g

Tgegovgrsòp Ekurt t`jt jrg hgot`gr eurrghtiy rgpkrtgb hkr jvjoijdig voj VGURIJV,

js akiikws>

Gxòdot :> Bke. Hk. 271 oh Njhvgy v. Jifuorg, Eovoi Jetokh Hk. 5>


18/134

6.

EBs s`kuib dg bggmgb eustkmgrs ka UFE uhbgr t`g rgjskhohf ka t`g Kib Hjpigs

jhb \romgiohgbgeosokhs.0 R`gy jisk suppkrt t`g UGEs jrfumght t`jt ot hggb khiy

bgmkhstrjtg prkdjdig ejusg tk dgiogvg t`grg jrg eustkmgrs oh hggb ka

prktgetokh uhbgr UO\J.

OQ. UWMMJT_ KA JTFWMGHR

Oh bgeobohf tòs jppgji, tòs Ekurt ejh jhb s`kuib ekhsobgr t`g aohbohfs jhb

ruiohfs t`jt `jvg dggh mjbg dy t`g Tgegovgrsòp Ekurt jhb t`g 7tÈoreuot kvgr t`g

ijst akur ygjrs. Dkt` ekurts `jvg gxtghsovg gxpgrogheg wot` t`g Utjhakrb se`gmg,

jhb dkt` ekurts `jvg mjbg aohbohfs jhb ruiohfs t`jt ijrfgiy ekhtrjboet t`g ajets

upkh wòe` t`g bostroet ekurt rgiogb.

R`g aohbohfs jhb ekheiusokhs ka t`g Tgegovgrsòp Ekurt jhb t`g 7t`

Eoreuot

bgmkhstrjtg t`jt t`g rgjskhohf ka t`g ::t` jhb :


19/134

0.

kt`gr Utjhakrb ghtotogs) ohstgjb ka dgohf usgb tk pure`jsg UODI EBs.? Rk pgrmot

sue` j bostohetokh, ghfohggrgb dy t`g jreòtgets ka t`g se`gmg, tk ekhtrki t`g

jppioejtokh ka UO\J wkuib ompgrmossodiy gigvjtg akrm kvgr sudstjheg.

R`g aohbohfs jhb ekheiusokhs ka t`g Tgegovgrsòp Ekurt jhb t`g 7tÈoreuot,

jikhf wot` gvobgheg oh t`g rgekrb dgakrg t`g bostroet ekurt, jisk suppkrt t`g UGEs

pksotokh t`jt ot s`kuib dg `gib khiy tk t`g sjmg prkdjdig ejusg stjhbjrb t`jt

UO\E must mggt oh ekmmgheohf j ioquobjtokh uhbgr UO\J. V`gh ot ekmgs tk

UFEs eustkmgrs w`k pure`jsgb UODI EBs, khg sozg bkgs hkt aot jii. R`ksg

eustkmgrs woii dg oh j ajr dgttgr pksotokh tk gstjdios` t`gor stjtus js eustkmgrs

uhbgr UO\J kheg j ioquobjtokh prkeggbohf os jetujiiy ekmmghegb. Whtoi sue` tomg,

pktghtoji eijomjhts `jvg hk kppkrtuhoty tk bgmkhstrjtg t`gor rof`t tk UO\J

prktgetokh.

Q. JTFWMGHR

J. Aohbohfs jhb Tuiohfs dy t`g Tgegovgrsòp Ekurt jhb t`g 7t`

Eoreuot

Ekhtrjboet t`g Ajets Tgiogb upkh Dgikw

R`g Tgegovgrsòp Ekurt `js prgsobgb kvgr t`g Tgegovgrsòp \rkeggbohf akr

jimkst akur (2) ygjrs, burohf wòe` ot `js dgekmg ohtomjtgiy ajmoiojr wot` t`g ajets

jhb eoreumstjhegs surrkuhbohf t`g Utjhakrb Aohjheoji Frkup \khzo se`gmg. R`grg

? R`g bostroet ekurt jttgmptgb tk bostohfuos` Kib Hjpigsjhb \romgiohgdy hktohf t`jt dkt` ka

t`ksg ejsgs ohvkivgb jh ohtrkbueohf drkcgr w`k hgvgr bgpksotgb t`g eioght auhbs jt ossug wot`t`g eigjrohf drkcgr. Ròs purpkrtgb bostohetokh os dkt` ohjeeurjtg (jt igjst skmg eioghtauhbs wgrg bgpksotgb wot` j eigjrohf drkcgr oh Kib Hjpigs) jhb ohsuaaoeoght tk bosqujioayUFE eustkmgrs arkm dgohf eustkmgrs oh hggb ka prktgetokh uhbgr UO\J. Uggoharj jt 44.

WUEJ Ejsg #:4-7401 Bkeumght #:2:14


20/134

?.

jrg hkw mkrg t`jh :

:< Mjhy ka t`gsg jetokhs `jvg dggh trjhsagrrgb tk t`g Tgegovgrs`op Ekurt akr prgtroji

ekkrbohjtokh dy t`g Nuboeoji \jhgi kh Muitobostroet Iotofjtokh. Ugg fghgrjiiy,Oh rg UtjhakrbGhtotogs Ugeurotogs Iotofjtokh, MBI Hk. 4


21/134

:


22/134

::.

R`g Tgegovgr `js s`kwh t`jt Utjhakrb kpgrjtgb t`g ghtorg hgtwkrcka Utjhakrb Ghtotogs js jh ohtgfrjtgb uhot oh krbgr tk pgrpgtrjtg jmjssovg wkribwobg arjub. Rk ofhkrg t`gsg aohbohfs wkuib gigvjtg

akrm kvgr sudstjheg t`grgdy igfotomozohf t`g ekrpkrjtg strueturg

t`jt Utjhakrb utoiozgb tk pgrpgtrjtg òs arjubjhb ruhhohf jakui kaAoat` Eoreuot prgegbght ejutokhohf ekurts tk ikkc dgykhb t`gsurajeg. Rùs, dgejusg SUODI] bob hkt kdsgrvg ekrpkrjtgakrmjiotogs jhb dgejusg jii t`g Utjhakrb ghtotogs wgrg kpgrjtgb jskhg akr purpksgs ka pgrpgtrjtohf j arjub kh ohvgstkrs Seotjtokhkmottgb], t`g Ekurt pogregs SUODIs] ekrpkrjtg vgoi jhb jffrgfjtgst`g Utjhakrb Ghtotogs.

E`jptgr :7 Krbgr jt 51 (gmp`jsos jbbgb). R`g UGE jrfugs t`jt t`g bostroet ekurt

gigvjtgb akrm kvgr sudstjheg dy jb`grohf tk t`g suppksgb ekrpkrjtg akrm ka UODI

jhb UFE jhb hkt rgekfhozohf t`jt dkt` kpgrjtgb js pjrt ka j sohfig eromohji

ghtgrprosg. UGE Droga jt 27-2?. R`g Tgegovgrsòp Ekurt jfrggs.

Oh t`jt sjmg E`jptgr :7 Krbgr, t`g Tgegovgrsòp Ekurt ekheiubgb t`jt t`g

ajets:1 wkuib nustoay j sudstjhtovg ekhskiobjtokh ka UODI, UFE jhb t`g kt`gr

Utjhakrb Ghtotogs.:6Ob. jt 57. R`g Tgegovgrsòp Ekurt mjbg somoijr aohbohfs

w`gh frjhtohf summjry nubfmght tk t`g Tgegovgr oh j arjubuight trjhsagr jetokh

drkuf`t jfjohst egrtjoh hjtokhji pkiotoeji ekmmottggs. Njhvgy v. Bgmkerjtoe

:1 Jmkhf t g ajets eotgb dy t`g Tgegovgrsòp Ekurt wgrg> (2) ekmmohfiohf ka auhbs jmkhft`g Utjhakrb Ghtotogs wjs t`g hkrm, (7) Utjhakrb borgetiy kr ohborgetiy kwhgb jii UtjhakrbGhtotogs, .(1) UOD ikjhgb Utjhakrb $:.0 doiiokh wot`kut j fujrjhty, (6) Utjhakrb jhb òsjsskeojtgs trjhsagrrgb jssgts jmkhf t`g Utjhakrb Ghtotogs oh bosrgfjrb ka ekrpkrjtgakrmjiotogs. E`jptgr :7 Krbgr jt 52-57.

:6 R`g Tgegovgrsòp Ekurt bob hkt sudstjhtovgiy ekhskiobjtg t`g Utjhakrb Ghtotogs dgejusg t jt

mge`jhosm os hkt jvjoijdig kutsobg j djhcruptey prkeggbohf. E`jptgr :7 Krbgr jt 57, h. 2:.

WUEJ Ejsg #:4-7401 Bkeumght #:2:14


23/134

:4.

Ughjtkroji Ejmpjofh Ekmmottgg, Ohe., 6?5 A.Uupp. 4b 047 (H.B.Rgx. 4


24/134

:5.

kdiofjtokhs ka t`g UO\E mgmdgr aorm. Kib Hjpigs, 445 A.5b jt :5

SR]`g UODI EB prkeggbs bob mkrg t`jh nust cggp t`g djhcjaikjt. Utjhakrb Ghtotogs jhb Utjhakrb `omsgia rgegovgb ijrfgbosdursgmghts ka t`g prkeggbs.

E`jptgr :7 Krbgr jt 4?. Ugg jisk ob. jt 24 (Mkst ka t`g Utjhakrb Ghtotogs rgvghug

ejmg arkm sgiiohf EBs.).

Oh jaaormohf t`g Drkcgr Ohnuhetokh, t`g 7t`Eoreuot somoijriy bgtgrmohgb t`jt

UODI EB prkeggbs auhbgb t`g kpgrjtokhs ka UFE>

:0 R`g UGE kaagrgb gvobgheg t`jt jpprkxomjtgiy $140 moiiokh oh UFE ohvgstkr auhbs aikwgbarkm UODI tk UFE burohf t`g aovg ygjr pgrokb arkm 4


25/134

:2.

Aohjiiy, t`g AJ Bgaghbjhts Sakrmgr drkcgrs ka UFE] pksotokht`jt UFE s`kuib dg sgpjrjtgb arkm SUODI] os ka hk mkmght.Js mjbg eigjr dy t`g Qjh Rjssgi Bgeijrjtokhs,

:?UFE rgegovgb

t`g duic ka ots rgvghug arkm ekmmossokhs akr t`g sjig ka t`g

SUODI EBs] jhb aggs akr kt`gr sgrvoegs ot prkvobgb tk SUODI]

rgijtgb tk t`g EB ohvgstmght pkrtakiok.

Njhvgy v. Jifuorg, 126 A.5b 707, 7?? (7t`

Eor. 4


26/134

:7.

Kib Hjpigs, 445 A.5b jt :5


27/134

:1.

Ugg jisk \ghbgrfgst-@kit v. Egrtjoh Whbgrwrotgrs jt Iikybs Ikhbkh, 67:

A.Uupp.4b 061, 00< (U.B. Rgx. 4


28/134

:6.

2. Bob t`g UODI EBs oh ajet gxost;

R`g bostroet ekurt rgiogb upkh ots ekheiusokh t`jt t`g UODI EBs wgrg oh ajet

pure`jsgb jhb bob oh ajet gxost akr UFE eioghts. Kp. jt :6. Oh rgje`ohf t`jt

ekheiusokh, t`g bostroet ekurt rgiogb upkh t`g Utopuijtgb Ajets (Bke. Hk. 5


29/134

:0.

Ugekhb, t`g bostroet ekurts trgjtmght ka t`g UODI EBs js rgji ohvgstmghts

t`jt wgrg oh ajet pure`jsgb jhb oh ajet gxost os jfjoh ekhtrjry tk t`g aohbohfs

jhb ruiohfs ka t`g Tgegovgrsòp Ekurt jhb t`g 7t`

Eoreuot. R`g Tgegovgrsòp Ekurt

`js rgpgjtgbiy akuhb (jhb t`g 7t` Eoreuot `js jaaormgb) t`jt Utjhakrb jhb òs

ek`krts wgrg kpgrjtohf j eijssoe \khzo se`gmg arkm jt igjst :???. Ugg, g.f.,Njhvgy

v.Bgmkerjtoe Ughjtkroji Ejmpjofh Ekmmottgg, Ohe., 6?5 A.Uupp. 4b 047, 076

(H.B.Rgx. 4


30/134

:?.

tgstomkhy ekhegrhohf Utjhakrbs ergjtovg rgvgrsg ghfohggrohf ka UODs

jeekuhtohf rgekrbs>

Vg akuhb wot`oh UODs jeekuhtohf rgekrbs wkrcs`ggts usgb tkbgrovgaoetotokus UOD rgvghugsdjec tk 4


31/134

4


32/134

4:.

Oh dkt` Kib Hjpigs jhb \romgiohg, t`g eijomjhts wgrg bgjiohf wot`

ohbovobujis w`k t`gy uhbgrstkkb tk dg (jhb w`k wgrg) jfghts ka j UO\E mgmdgr

drkcgr. Kib Hjpigs, 445 A.5b jt :5


33/134


34/134

45.

wot` t`g eigjrohf drkcgr jhb akrwjrbgb tk UODI, wgrg t`gh stkigh dy Utjhakrb akr j

vjrogty ka omprkpgr purpksgs, oheiubohf t`g auhbohf ka UFE. R`g UGE kaagrgb

gvobgheg t`jt rgagrrji aggs jhb kt`gr EB-rgijtgb rgvghug jeekuhtgb akr mkrg t`jh

7


35/134

42.

UFEs eigjrohf drkcgr bgaogs ekmmkh sghsg jhb igfotomozgs t`g strueturg ergjtgb

dy Utjhakrb tk stgji mkhgy bgpksotgb dy UFEs eustkmgrs. R`g Tgegovgrsòp

Ekurt rgausgb tk gigvjtg akrm kvgr sudstjheg, sgg E`jptgr :7 Krbgr jt 513 tòs

Ekurt s`kuib js wgii.

R`grg os hk mgjhohfaui bostohetokh dgtwggh tòs ejsg, Kib Hjpigs jhb

\romgiohg. Ròs Ekurt s`kuib jbkpt t`g rgjskhohf ka Kib Hjpigs jhb \romgiohg

jhb aohb t`jt skmg (kr jii) ka UFEs eustkmgrs jrg oh hggb ka prktgetokh uhbgr

UO\J.

E. Utjhakrbs Eustkmgrs jrg oh t`g Dgst \ksotokh tkGstjdios` t`gor Utjtus js Eustkmgrs uhbgr UO\J

R`g UGE jrfugs t`jt ot hggbs tk s`kw khiy prkdjdig ejusg tk dgiogvg t`jt

t`grg jrg eustkmgrs oh hggb ka prktgetokh uhbgr UO\J.40

Jmkhf t`g rgjskhs

kaagrgb wjs t`jt t`g bostroet ekurt prkeggbohf wkuib hkt bgtgrmohg UO\Es iojdoioty

tk j sohfig Utjhakrb eustkmgr3 rjt`gr, t`g bostroet ekurt prkeggbohf wkuib bgeobg

khiy w`gt`gr UO\E wjs rgquorgb tk ekmmgheg j UO\J prkeggbohf oh Rgxjs. Bke.

47, UGE Tgpiy jt :7. Oh t`jt Rgxjs prkeggbohf, gje` ohvgstkr wkuib dgjr t`g

durbgh ka bgmkhstrjtohf dkt` t`jt s`g wjs j eustkmgr akr purpksgs ka UO\J jhb

t`g vjioboty jhb jmkuht ka `gr eijom. Ob. Ugg jiskOh rg Ugi`gomgr & Ek., 5:? D.T.

5?7, 2


36/134

47.

R`g UGE jisk jrfugs t`jt t`g prgpkhbgrjheg stjhbjrb jppiogb dgikw

ergjtgb j eurokus rgsuit oh t`jt ot wkuib rgquorg j t`orb pjrty got`gr UO\E kr t`g

UGE tk prkvg jh ohvgstkrs giofodoioty wot`kut t`g ohvgstkrs ajmoiojroty wot`, kr

bgfrgg ka jeegss tk, t`g pjrtoeuijr ajets. UGE Droga jt 5


37/134

41.

wrottgh sompiy tk Utjhakrb. UggBke. :-5 jt :?5, Mjrtghs Bgei., Gx. 4 (e`gec akr

$7


38/134

46.

eustkmgrs wgrg tkib t`jt t`g UO\E mgmdgr (Kib Hjpigs Ugeurotogs) jhb t`g hkh-

UO\E mgmdgr (Kib Hjpigs Aohjheoji Ugrvoegs) wgrg khg jhb t`g sjmg. Kib

Hjpigs, 445 A.5b jt :5


39/134

40.

Dgejusg ka t`g hjturg ka t`g prkeggbohf ekhbuetgb oh t`g bostroet ekurt,54ot

wjs ompkssodig akr t`g UGE, UO\E kr t`g ekurt tk ekhbuet t`g ajetujiiy ohtghsovg

ohquory hgegssjry tk bgtgrmohg oa j pjrtoeuijr Utjhakrb ohvgstkr s`kuib dg bggmgb

j eustkmgr oh hggb ka UO\J prktgetokh. R`jt ohquory os igat akr t`g UO\J

prkeggbohf, burohf w`oe` t`g ohvgstkr `js t`g durbgh ka gstjdios`ohf t`jt s`g os j

eustkmgr jhb `js j vjiob eijom. Oh rg Ugi`gomgr & Ek., 5:? D.T. 5?7, 2


40/134

4?.

Tgspgetauiiy sudmottgb,

URTJUDWTFGT & \TOEG, II\

Dy>[[[/s/Nk`h @gaahgr[[[[[[[[[Nk`h @gaahgrBostroet ka Ekiumdoj Djr Hk. ::2


41/134

5


42/134

5:.

EGTROAOEJRG KA UGTQOEG

O `grgdy egrtoay t`jt, kh Njhujry :0, 4

Nksgp`ohg VjhfFghgrji EkuhsgiUgeuroty Ohvgstkr \rktgetokh Ekrpkrjtokh0


43/134

Hk. :4-7401UGEWTOROGU JHB GPE@JHFG EKMMOUUOKH,\gtotokhgr-Jppgiijht,

v.UGEWTOROGU OHQGURKT \TKRGEROKH EKT\KTJROKH,Tgspkhbght-Jppgiigg

MOEWU EWTO G DTOGA KA R@G EKWTR-J\\KOHRGB GPJMOHGTR@G KAAOEOJI URJHAKTB OHQGURKTU EKMMORRGGJHB R@G URJHAKTB QOEROMU EKJIOROKH

GP@ODOR :rkcgr Ohnuhetokh

Bke. Hk. 271 oh Njhvgy v. JifuorgEovoi Jetokh Hk. 5>


44/134

Ejsg 5>


45/134

Ejsg 5>


46/134

Ejsg 5>


47/134

Ejsg 5>


48/134

Ejsg 5>


49/134

Ejsg 5>


50/134

Ejsg 5>


51/134

Ejsg 5>


52/134

Ejsg 5>


53/134

Ejsg 5>


54/134

Ejsg 5>


55/134

Ejsg 5>


56/134


57/134

Ejsg 5>


58/134

Ejsg 5>


59/134

Ejsg 5>


60/134

Ejsg 5>


61/134

Ejsg 5>


62/134

Ejsg 5>


63/134

Ejsg 5>


64/134

Ejsg 5>


65/134

Ejsg 5>


66/134

Ejsg 5>


67/134

jsg5>


68/134

Ejsg 5>


69/134

Ejsg 5>


70/134

Ejsg 5>


71/134

Ejsg 5>


72/134

Ejsg 5>


73/134

Ejsg 5>


74/134

Hk. :4-7401UGEWTOROGU JHB GPE@JHFG EKMMOUUOKH,

\gtotokhgr->-Jppgiijht,v.

UGEWTOROGU OHQGURKT \TKRGEROKH EKT\KTJROKH,Tgspkhbght-Jppgiigg

MOEWU EWTO G DTOGA KA R@G EKWTR-J\\KOHRGB GPJMOHGTR@G KAAOEOJI URJHAKTB OHQGURKTU EKMMORRGG

JHB R@G URJHAKTB QOEROMU EKJIOROKH

GP@ODOR 4E`jptgr 7 Krbgr

Bke. Hk. :61 oh Oh rg Utjhakrb Ohtgrhjtokhji Djhc Itb.Eovoi Jetokh Hk. 5>


75/134

Ejsg 5>


76/134

Ejsg 5>


77/134

Ejsg 5>


78/134

Ejsg 5>


79/134

Ejsg 5>


80/134

Ejsg 5>


81/134

Ejsg 5>


82/134

Ejsg 5>


83/134

Ejsg 5>


84/134

Ejsg 5>


85/134

Ejsg 5>


86/134

Ejsg 5>


87/134

Ejsg 5>


88/134

Ejsg 5>


89/134

Ejsg 5>


90/134

Ejsg 5>


91/134

Ejsg 5>


92/134

Ejsg 5>


93/134

Ejsg 5>


94/134

Ejsg 5>


95/134

Ejsg 5>


96/134

Ejsg 5>


97/134

Ejsg 5>


98/134

Ejsg 5>


99/134

Ejsg 5>


100/134

Ejsg 5>


101/134

Ejsg 5>


102/134

Ejsg 5>


103/134

Ejsg 5>


104/134

Ejsg 5>


105/134

Ejsg 5>


106/134

Ejsg 5>


107/134

Ejsg 5>


108/134

Ejsg 5>


109/134

Ejsg 5>


110/134

Ejsg 5>


111/134

Ejsg 5>


112/134

Ejsg 5>


113/134

Ejsg 5>


114/134

Ejsg 5>


115/134

Ejsg 5>


116/134

Ejsg 5>


117/134

Ejsg 5>


118/134

Ejsg 5>


119/134

Ejsg 5>


120/134

Ejsg 5>


121/134

Ejsg 5>


122/134

Ejsg 5>


123/134

Ejsg 5>


124/134

Ejsg 5>


125/134

Ejsg 5>


126/134

Ejsg 5>


127/134

Ejsg 5>


128/134

Ejsg 5>


129/134

Ejsg 5>


130/134

Ejsg 5>


131/134

Ejsg 5>


132/134

Ejsg 5>


133/134

Ejsg 5>


134/134

Ejsg 5>

Documents

Amicus Brief in Support of the SEC's Appeal of the District Court's Order Denying the Commission's Application for an Order to Compel SIPC to Protect Stanford Group Company Customers--Filed