The Supreme Court SEC decision took away the major method of penalizing those found to have committed fraud in the securities industry. Congress strengthened law in 2010 by authorizing the SEC to use independent administrative law judges to conduct hearings, to make factual findings, and to impose fines on those accused of securities fraud. Congress creation of administrative law judges violates the Seventh Amendment right to a jury trial. In the current system the accused do have the right to appeal in federal court, Roberts said that is not the same thing as having the right to be tried by a jury of one’s peers in a courtroom supervised by a federal judge.
Supreme Court Reduces SEC Powers to Impose Fines
Supreme Court Reduces SEC Powers to Impose…
Supreme Court Reduces SEC Powers to Impose Fines
The Supreme Court SEC decision took away the major method of penalizing those found to have committed fraud in the securities industry. Congress strengthened law in 2010 by authorizing the SEC to use independent administrative law judges to conduct hearings, to make factual findings, and to impose fines on those accused of securities fraud. Congress creation of administrative law judges violates the Seventh Amendment right to a jury trial. In the current system the accused do have the right to appeal in federal court, Roberts said that is not the same thing as having the right to be tried by a jury of one’s peers in a courtroom supervised by a federal judge.