SEC Administrative Law Judges Not Unconstitutional, D.C. Circuit Panel Rules

Mealey's (August 11, 2016, 1:58 PM EDT) -- WASHINGTON, D.C. — A District of Columbia Circuit U.S. Court of Appeals panel on Aug. 9 held that the Securities and Exchange Commission’s appointment of in-house administrative law judges does not violate provisions of the appointments clause of the U.S. Constitution, and the SEC did not abuse its discretion in imposing a lifetime ban on investment advisers for their role in a scheme to violate provisions of the Advisers Act by misrepresenting backtested returns of financial investment portfolios using the advisers proprietary strategy (Raymond J. Lucia...
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