Byers v. Pa. Dep’t of Banking and Sec.

In these consolidated appeals, the petitioners sought review of an order concluding that they were “affiliates” of Trickling Springs Creamery, LLC (TSC) and, therefore, personally liable for TSC’s violations of the Pennsylvania Securities Act of 1972. An en banc panel of the Pennsylvania Commonwealth Court affirmed in part and reversed in part. The Court ruled that Byers was not an “affiliate” of TSC because the evidence did not support the conclusion that he had the “power to direct or cause the direction of the management and policies” of TSC.

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