WASHINGTON — A federal appeals court has ruled against Dolphin & Bradbury and its top official, refusing to overturn the Securities and Exchange Commission’s finding that they were extremely reckless in failing to disclose key information about bonds an authority sold in 1998 to acquire an office building in Harrisburg, Pa.

“Substantial evidence supports the commission’s finding that [Robert J.] Bradbury’s non-disclosure created a danger of misleading buyers that was so obvious he must have known about it,” the three-judge panel for the U.S. Court of Appeals for the District of Columbia Circuit concluded in a 15-page ruling handed down Friday.

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