1 UNITED STATES COURT OF APPEALS 2 FOR THE SECOND CIRCUIT 3 4 August Term, 2020 5 6 (Argued: June 3, 2021 Decided: July 22, 2021) 7 8 Docket No. 20-1081-cv 9 10 _____________________________________ 11 12 SECURITIES AND EXCHANGE COMMISSION, 13 14 Plaintiff-Appellee, 15 16 v. 17 18 DONALD J. FOWLER, 19 20 Defendant-Appellant. * 21 22 _____________________________________ 23 24 Before: 25 26 LOHIER and NARDINI, Circuit Judges, and CRONAN, Judge. ** 27 28 In this enforcement lawsuit filed by the Securities and Exchange 29 Commission (SEC), Donald Fowler appeals from a judgment of the United States 30 District Court for the Southern District of New York (Woods, J.) entered after a 31 jury found that he recommended an unsuitable trading strategy and made 32 unauthorized trades in custo