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 Companies Inc., et al. v. Securities and Exchange Commission, No. 15-1345, D.C. Cir.; 2016 U.S. App. LEXIS 14559)....