Washington — The Supreme Court dealt a blow to the Securities and Exchange Commission (SEC) by ruling against their use of in-house tribunals to seek civil penalties for securities fraud, stripping the agency of a key enforcement tool. The court’s 6-3 decision in SEC v. Jarkesy, led by Chief Justice John Roberts, found that defendants are entitled to a jury trial under the Seventh Amendment.
The case challenged the SEC’s enforcement methods, comparing civil actions in federal court to internal proceedings overseen by agency-appointed administrative law judges. This dispute began in 2013, when the SEC initiated proceedings against George Jarkesy, founder of two hedge funds, resulting in a civil penalty and repayment order. The U.S. Court of Appeals for the 5th Circuit later overturned the SEC’s findings, citing violations of the Seventh Amendment and constitutional issues concerning the delegation of agency power.
The case’s implications extend beyond the SEC, potentially impacting administrative law judges in other federal agencies. The ruling serves as a significant development in the balance of power between federal agencies and defendants in enforcement actions.
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