Breaking: SEC Powers Weakened By Supreme Court, Stripped Of In-House Fraud Legal Proceedings
The United States Supreme Court dealt the Securities and Exchange Commission (SEC) a massive blow regarding securities law enforcement Thursday in a new ruling that sees the federal regulator stripped of its controversial appointment of in-house judges during fraud proceedings.
Supreme Court Votes To Change SEC Legal Proceedings In Fraud Cases
In a 6-3 vote, the nation’s highest court voted in agreement with hedge fund manager George Jarkesy after the SEC claimed that he defrauded investors in 2013.
In Associate Justice Neil Gorsuch’s concurring opinion , the former appeals judge noted that even “the least popular among us” should be able to “resolve his case under procedures designed to ensure a fair trial in a fair forum.”
The ruling significantly cripples the SEC’s enforcement powers when it comes to securities law as fraud defendants will now be granted a trial by jury in federal court in lieu of the SEC’s judicial process.
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