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Phillips v. Dep’t of Commerce 2017 UT App 84 (May 18, 2017)

May 18, 2017

The court set aside a civil penalty of $413,750 assessed against the petitioner for securities fraud, and returned the case to the agency to reconsider the fine amount.  The court held that although the Utah Securities Commission had authority to impose a fine, it could not impose a fine plus targeted assessments for other issues (in this case, investor losses and investigation costs).