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Stories of Interest
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
- A Culprit for Financial Site Glitches: You and Your Apps
- Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request
- We Must Stop Out-Of-Control Trading or U.S. Capitalist System Will Break Down - Dick Bove
- SEC Launches Share Class Selection Disclosure Initiative to Encourage Self-Reporting and the Prompt Return of Funds to Investors
- BofA CEO Moynihan Got $23Mn Compensation for 2017 – a 15% Pay Raise
- Former Credit Suisse ‘Star’ Gets 5-Year Jail Term For "Clever Fraud"
- FINRA: Perspectives on Customer Arb Award Recovery
- FINRA: Amend Membership App Program to Incentivize Arbitration Award Payments
- Goldman's #2 Allegedly Swindled Out of $1.2Mn of Wine by Assistant
- FINRA Publishes Annual Budget Summary - No Fee Rate Increases for Member Firms
- CFTC Chairman Giancarlo Names Maggie Sklar Senior Counsel
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NEWSLETTERS & ALERTS
SEC Suspends Some In-House Court Cases After Court of Appeals Issues Ruling
The fate of the SEC's in-house administrative law judges plays out in two U.S. Courts of Appeal:
- The U.S. Court of Appeals for the 10th Circuit in Denver earlier this month turned down a request by the SEC to reconsider an earlier which found that the SEC's hiring of administrative law judges violated the Constitution, and thus likely nullifies hundreds of decisions made in securities cases in Colorado and 5 other Western states.
- The U.S Court of Appeals for the District of Columbia Circuit, which previously sided with the SEC when it found that the Agency's hiring of administrative law judges did not violate federal law, heard oral arguments Wednesday morning and is due to reconsider its earlier ruling - albeit an opinion could be months away.
- In any event, the issue of whether the SEC's use of administrative law judges is constitutional is likely headed for the U.S. Supreme Court.
In the meantime, the SEC will err on the side of caution. In an order issued 5/22, the SEC announced that it has opted to suspend some of its pending in-house cases - specifically, any cases in which a defendant will have an option to appeal a case before the Tenth Circuit Court of Appeals, covering Colorado, Kansas, New Mexico, Oklahoma, Utah and Wyoming.