The Supreme Court on Thursday made it harder for the Securities and Exchange Commission to penalize fund managers accused of defrauding investors. In a 6-3 decision, the justices said those accused of stock frauds are entitled to a jury trial in a federal court, not an administrative hearing before a judge appointed by the SEC.
Jarkezy focused on the agency's unusual power to seek large fines and penalties through in-house administrative hearings. In 2007, George Jarkesy launched a hedge fund in Houston which managed about $24 million for 120 investors. It lost money after the Wall Street sell-off in 2008. The SEC later said he had misled investors by telling them a prominent accounting firm was serving an auditor and an investment bank was serving as a broker.
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