Stockbroker regulation; Refusal to register with the Financial Industry Regulatory Authority (FINRA); 15 USC §§ 78s(b) & (c); Violations of § 10(b) of the Exchange Act & Rule 10(b)–5; Whether the FINRA had statutory jurisdiction over plaintiff despite his refusal to register; §§ 78o–3(b)(7) & (h)(1); Securities & Exchange Commission (SEC) “exhaustion” requirement (§ 78y(c)(1); SEC v Jarkesy

In an amended opinion (see eJournal #85497 in the 4/13/26 edition for the original), the court clarified that petitioner-Smith’s actions were “entirely different” than those in a film it referenced, but again held that despite failing to register, he still was subject to the FINRA’s jurisdiction. Thus, it again denied his petition for review of respondent-SEC’s order upholding sanctions against him for violations of securities-related laws and administrative rules.