The Supreme Court has stripped the Securities and Exchange Commission of a major tool in fighting securities fraud in a decision that also could have far-reaching effects on other regulatory agencies.
The justices ruled in a 6-3 vote that people accused of fraud by the SEC, which regulates securities markets, have the right to a jury trial in federal court.
The SEC was awarded more than $5 billion in civil penalties in the 2023 government spending year that ended Sept. 30, the agency said in a news release.
The case is among several this term in which conservative and business interests are urging the nine-member court to constrict federal regulators.
The court’s six conservatives already have reined them in, including in a decision last year that sharply limited environmental regulators’ ability to police water pollution in wetlands.
Circuit Court of Appeals threw out stiff financial penalties against Jarkesy and his Patriot28 investment adviser.
Those issues got virtually no attention during arguments in November, and the court chose to resolve the case only on the right to a jury trial.
The original article contains 444 words, the summary contains 148 words. Saved 67%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The justices ruled in a 6-3 vote that people accused of fraud by the SEC, which regulates securities markets, have the right to a jury trial in federal court.
The SEC was awarded more than $5 billion in civil penalties in the 2023 government spending year that ended Sept. 30, the agency said in a news release.
The case is among several this term in which conservative and business interests are urging the nine-member court to constrict federal regulators.
The court’s six conservatives already have reined them in, including in a decision last year that sharply limited environmental regulators’ ability to police water pollution in wetlands.
Circuit Court of Appeals threw out stiff financial penalties against Jarkesy and his Patriot28 investment adviser.
Those issues got virtually no attention during arguments in November, and the court chose to resolve the case only on the right to a jury trial.
The original article contains 444 words, the summary contains 148 words. Saved 67%. I’m a bot and I’m open source!