By Justin Jouvenal and Ann E. Marimow, The Washington PostThe seal of the U.S. Securities and Exchange Commission is seen at SEC headquarters in Washington.
Like other agencies, the SEC sometimes relies on internal tribunals with administrative law judges, rather than federal courts, to bring enforcement actions in securities fraud cases or other matters. The challenge was brought by George Jarkesy, who set up two hedge funds and used a company named Patriot28 LLC to advise on those investments. The funds had more than 100 investors and about $24 million in assets.
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