Supreme Court Limits SEC's Power to Impose Fines 🚫

Supreme Court Rules , Against SEC's Authority, to Impose Fines.<br />NPR reports that the United States Supreme Court <br />recently voted 6-3 against the Securities and <br />Exchange Commission's policy on fraudulent conduct. .<br />NPR reports that the United States Supreme Court <br />recently voted 6-3 against the Securities and <br />Exchange Commission's policy on fraudulent conduct. .<br />Chief Justice John Roberts, writing for the court's <br />conservative majority, said the current rules deprive accused <br />transgressors of their constitutional right to a jury trial. .<br />Chief Justice John Roberts, writing for the court's <br />conservative majority, said the current rules deprive accused <br />transgressors of their constitutional right to a jury trial. .<br />The SEC relies on administrative <br />law judges (ALJ) to make legal conclusions <br />in cases brought before the agency.<br />The Supreme Court's decision has the potential <br />to send ripples through dozens of agencies, <br />from labor rights to energy regulation.<br />The Court did exclude from its decision those <br />agencies dealing with federal benefits, while some <br />conservative justices wanted the ruling to go further.<br />The three liberal justices<br />in dissent blasted the <br />decision by the majority. .<br />The case was brought by a former conservative <br />radio host and hedge fund manager, George Jarkesy, <br />following an SEC fraud investigation.<br />The case was brought by a former conservative <br />radio host and hedge fund manager, George Jarkesy, <br />following an SEC fraud investigation.<br />An in-house evidentiary hearing fined Jarkesy $300,000, <br />ordered him to pay back almost $700,000 in ill-gotten <br />profits and barred him from the securities industry.<br />Jarkesy argued that he was entitled to a jury trial <br />held in a federal court and that Congress lacked <br />the power to delegate such authority to the SEC.<br />NPR reports that Jarkesy's case was supported <br />by a number of conservative and business groups, and individuals such as Elon Musk.<br />NPR reports that Jarkesy's case was supported <br />by a number of conservative and business groups, and individuals such as Elon Musk