Supreme Court Rules Against SEC's Authority to Impose Fines from × 1 Watch Video

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✓ Published: 28-Jun-2024

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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