Open Meeting Agenda
Wednesday, August 3, 2016
|Item 1: Oral Argument in the Matter of Harding Advisory LLC and Wing F. Chau|
The Commission will hear an oral argument in an appeal from an initial decision of an administrative law judge by Respondents, Harding Advisory LLC and Wing F. Chau and the Division of Enforcement.
On January 12, 2015, the ALJ found that Respondents Harding Advisory LLC, a registered investment adviser, and its principal, Wing F. Chau, violated antifraud provisions of the securities laws. Specifically, the ALJ found that Respondents had misrepresented the standard of care Harding would follow in selecting assets for various Harding-managed CDOs. For these violations, the ALJ ordered Harding and Chau to pay $1,003,216 in disgorgement and prejudgment interest, revoked Harding's investment adviser registration and ordered it to pay a $1.7 million civil penalty, and barred Chau from association with the securities industry and ordered him to pay a $340,000 civil penalty.
Respondent appealed and the Division of Enforcement cross-appealed. The issues likely to be considered at oral argument include, among other things, whether Respondents violated the securities laws and, if so, what sanctions, if any, are appropriate in the public interest.
For further information, please contact Brent J. Fields from the Office of the Secretary at (202) 551-5400.