Washington â The Supreme Court on Thursday ruled against the Securities and Exchange Commission in a dispute over the agency's ability to use in-house tribunals to seek civil penalties against defendants for securities fraud, stripping the agency of a key enforcement tool.The court ruled 6-3 against the SEC in the case, finding that the Seventh Amendment entitles a defendant to a jury trial.
An administrative law judge at the SEC was assigned the proceeding and found that Jarkesy violated several securities laws. He was eventually ordered to pay a civil penalty of $300,000 and his advisory firm, Patriot28, also had to repay nearly $685,000 in what the SEC determined were illicit gains.Jarkesy appealed the decision to the U.S. Court of Appeals for the 5th Circuit, as allowed under the law, which tossed out the SEC's findings on three different constitutional grounds.
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