Robert Hardee Quarles, Exchange Act Rel. 66530, March 7, 2012
The Commission vacated the bar order entered against Quarles in 1985 upon his motion. He was suspended by the Commission from associating with a broker or dealer for six months and barred from association in a supervisory or proprietary capacity.
Since 1987 (with a brief hiatus) he has been associated with various firms in a non-supervisory capacity. He has been with his current employer for 20 years. His supervisory bar has been in place for 26 years. He has had no disciplinary issues since the 1987 order. The Division of Enforcement did not oppose Quarles motion for relief.
The Commission has previously taken the position that bars will remain in place absent "compelling circumstances." The Commission, as is unfortunately often its fashion then simply concluded (can you spell ipsi dixit?) that it is appropriate to grant Quarles' motion. It offered no explanation or analysis for this conclusion and simply cited Quarles age (70), his clean employment history and the fact that the bar was imposed 26 years ago.