In Re Phillips

Summary

The court upheld the finding that Jeffrey Phillips violated his managerial and supervisory duties because the violations reflected his independent failure to establish and enforce effective firm practices, not vicarious liability for employees' conduct. It reduced his suspension from six months and one day to six months because the longer suspension would create an unjustified disparity with the sanction imposed on a more directly involved subordinate, while otherwise adopting the recommended probation and restitution requirements.