Knepp v. Lane (859 F. Supp. 173, 1994)

MEMORANDUM & ORDER

JOYNER, District Judge.

Before the Court are two motions: plaintiffs motion to amend or set aside this Court’s judgment of April 19, 1994 pursuant to Fed.R.Civ.P. 59(e), and plaintiffs motion to amend his complaint pursuant to Fed. R.Civ.P. 15(a). In our previous judgment, we granted defendants’ motion for judgment on the pleadings. Knepp v. Lane, 848 F.Supp. 1217 (E.D.Pa.1994). We have reviewed this decision in light of plaintiffs motions and memorandum, and defendants’ answer thereto, and we deny plaintiffs motions for reasons that follow.

Facts

For a more complete statement of the facts of this case, see id. at 1219-20. In brief, plaintiff was a licensed securities agent whose practice of selling certain certificates became the subject of an investigation by defendants, all of whom were employees of the Pennsylvania Securities Commission. Pursuant to the Pennsylvania Securities Act (“the Act”), 70 Pa.Cons.Stat.Ann. § l-606(c. 1) (1994), defendants issued to plaintiff a summary order to cease and desist from selling the certificates in question. Plaintiffs broker-agent, Chubb Securities, Inc., subsequently terminated its affiliation with plaintiff, in part because of the cease and desist order. Since, under the Act, a license is not effective without a broker-agent affiliation, plaintiff could not sell securities as a result of his termination by Chubb.