ACAP Financial, Inc. v United States Securities and Exchange Commission

ACAP and its main broker appealed the fines and suspension levied for negligent participation in a stock fraud. The panel affirmed holding Commission had fleshed out the meaning of egregious through administrative case law. The broker’s conduct met the definition and the penalties we similar to those handed down in similar cases. The panel noted that Commission’s decision-making may be open to attack, but, ACAP didn’t bring any such attacks.

Front Range Equine Rescue v Vilsack

Rescue and other entities appealed the approval of horse slaughter inspection services. The panel held that because two applications for services were withdrawn and the other failed for lack of state approval and the inspection program currently cannot be funded, the case was moot and the appeal was dismissed. The district court judgment was vacated as the mootness arose from the actions of the applicants and government agents not anything Rescue did.