To the top cop on Wall Street, it’s a powerful court of justice. To the accused it can seem like something darker: a parallel American judiciary, separate and unequal, that strains the highest laws of the land.
After decades in the shadows, the in-house court system of the U.S. Securities and Exchange Commission — a crucial tool of securities law enforcement — is being thrust into an uncomfortable public spotlight. For the first time, the SEC is confronting a multipronged attack on its use of what are known as administrative law judges, to whom it directs hundreds of cases a year.
‘Enforcement 40’ for 2020
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