C.E. Carlson Inc. v. Securities Exchange Commission

On rehearing, petitioners urge us to consider their claims of systematic, disparate treatment and rely on Blinder, Robinson & Co. v. SEC, 837 F.2d 1099, 1112-13 (D.C. Cir. 1988). In that case, the D.C. Circuit noted at least an appearance that administrative sanctions are disproportionately harsh on "smaller, newer firms" than "on old-line, or at least more established, houses with the right sort of exchange memberships." Id. at 1112. Based on the information provided in petitioners rehearing petition, it does appear that petitioners may be on to something concerning the reasonableness of the sanctions.