A U.S. appeals court ruled that the SECgov's reliance on administrative judges may violate a defendant's right to a jury trial. nikhileshde reports
A U.S. appeals court ruled that the Securities and Exchange Commission violated a hedge fund manager's constitutional rights by having an in-house judge try a securities fraud case brought against the individual.that George Jarkesy Jr. and his firm, Patriot28 LLC, violated federal securities law by misstating his hedge funds' assets. The case was tried before an administrative law judge, rather than before a civil court.
The ruling remanded the case"for further proceedings," indicating that it was not vacating Jarkesy's conviction entirely., the impact of the case is limited to just SEC cases brought in Texas, Louisiana and Mississippi, and only in cases that do not"involve solely 'public rights.'"the part of its enforcement division responsible for such cases earlier this month to just over 50 individuals.
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