@mmcguire
SEC took another L today in Supreme Court (SEC v. Jarkesy). 7th amendment gives defendants a jury trial right in civil penalty cases involving federal securities fraud involving the SEC.
Protects defendants’ rights and makes enforcement actions more costly/time consuming with a federal court process vs. the slimmed down admin prices.
Basic point is federal securities fraud is analogous to common law fraud and therefore protected by the 7th Amendment.
https://www.supremecourt.gov/opinions/23pdf/22-859_1924.pdf
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