The SEC will consider an appeal of a $2.2 million judgment against Guy P. Riordan in connection with illegal kickbacks to former New Mexico state Treasurer Michael Montoya in return for obtaining securities business from the state.
The fine was issued by an administrative law judge last year. Mr. Riordan was accused of receiving the kickbacks between 1999 and 2002.
Mr. Riordan denies any wrongdoing, said Mike Wolinsky, his attorney.
The judge, Brenda P. Murray, found that kickbacks swayed Mr. Montoya to select Mr. Riordan, who was a broker at Wachovia Securities until he retired in 2007, to buy and sell fixed-income securities. She also ruled Mr. Riordan’s selection was not due to a competitive bidding process.
She barred Mr. Riordan from associating with any broker or dealer and ordered him to disgorge $1.017 million plus prejudgment interest and $500,000 in fines.
In 2007, Mr. Montoya was sentenced to 40 months in prison and fined $25,000 in a separate corruption case under a plea agreement.