Supreme Court Limits SEC's Power to Impose Fines 🚫

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