Breaking News: Supreme Court Limits SEC’s Use of In-House Trials in Fraud Cases
The Supreme Court ruled that Securities and Exchange Commission (SEC) cannot use in-house hearings for civil fraud complaints, giving defendants the right to a jury trial in federal court. This decision, taken by a 6-3 majority, significantly affects the functioning of regulatory institutions.
The court’s decision challenges long-standing practice. SEC trusted on administrative procedures to resolve civil fraud complaints. Previously, the agency had collected over $5 billion in fines in fiscal year 2023, but it remains to be clarified how much of this was due to internal prosecutions. With the latest decision, the SEC has reduced the number of cases it handles in this manner and is awaiting the Court’s decision.
This is a developing story
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