June 21, 2018 / 2:13 PM / a month ago

U.S. Supreme Court deems SEC in-house judge hiring unconstitutional

WASHINGTON, June 21 (Reuters) - The U.S. Supreme Court on Thursday expanded presidential control over pivotal jobs in federal agencies, ruling that the way the Securities and Exchange Commission selected its in-house judges to enforce investor-protection laws was unconstitutional.

The justices overturned a lower court ruling that had endorsed the SEC’s in-house judge hiring practice that operated autonomously from the president.

The high court sided with Raymond Lucia, a California-based former radio host and investment adviser who challenged the SEC after being banned by one of its administrative law judges from investment-related work and fined $300,000 for making misleading claims in his “Buckets of Money” retirement wealth strategy.

Reporting by Andrew Chung; Editing by Will Dunham

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below