Tag Archives: Securities And Exchange Commission
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SCOTUS Opinion: Disgorgement Is An Equitable Remedy Available To The SEC
The Securities Exchange Act of 1934 permits the Securities and Exchange Commission to seek civil penalties and “equitable relief” in civil suits against those who violate securities laws. In the prior case of Kokesh v. SEC, 581 U.S. ___ (2017), the Court held that disgorgement was a “penalty” under the applicable statute of limitations for SEC enforcement actions, but declined ... Read More
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SCOTUS Opinion: Supreme Court Broadens SEC’s Ability To Punish Disseminators Of False Information
In Lorenzo v. SEC, Lorenzo disseminated false information that his boss provided to him, and which he knew was false, regarding the value of a company pursuant to a debenture offering. The SEC charged him with having violated Rule 10b-5 of the Securities and Exchange Commission, which makes it unlawful to (a) “employ any device, scheme, or artifice to ... Read More
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Securities And Exchange Commission Administrative Law Judges Are “Officers Of The United States” Under Appointments Clause
The Constitution’s Appointments Clause sets forth certain requirements for appointing “Officers of the United States,” who are more than mere employees of the federal government. The Securities and Exchange Commission (SEC) utilizes Administrative Law Judges (ALJ) to adjudicate administrative proceedings involving violations of securities laws. Those ALJs are not appointed in accordance with the Appointments Clause. When Raymond Lucia was ... Read More