The Fifth Circuit ruled incorrectly in finding the SEC’s use of executive-branch judges unconstitutional, the agency said in a petition asking the US Supreme Court for review.
At issue is a challenge by investment adviser George Jarkesy to the Securities and Exchange Commission’s determination that he couldn’t participate in certain securities activities and had to pay civil penalties. A divided panel of the US Court of Appeals for the Fifth Circuit sided with Jarkesy in May 2022, and the full court declined to rehear the case.
Source: SEC Asks High Court to Address Agency Judges’ Constitutionality
