SEC v. Jarkesy

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SEC v. Jarkesy
Seal of the United States Supreme Court.svg
Supreme Court of the United States
Argued November 29, 2023
Decided June 27, 2024
Full case nameSecurities and Exchange Commission, Petitioner v. George R. Jarkesy, Jr., et al.
Docket no. 22-859
Argument Oral argument
Questions presented
  1. Whether statutory provisions that empower the Securities and Exchange Commission to initiate and adjudicate administrative enforcement proceedings seeking civil penalties violate the Seventh Amendment;
  2. Whether statutory provisions that authorize the SEC to choose to enforce the securities laws through an agency adjudication instead of filing a district court action violate the non-delegation doctrine;
  3. Whether Congress violated Article II by granting for-cause removal protection to administrative law judges in agencies whose heads enjoy for-cause removal protection.
Holding
When the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial.
Court membership
Chief Justice
John Roberts
Associate Justices
Clarence Thomas  · Samuel Alito
Sonia Sotomayor  · Elena Kagan
Neil Gorsuch  · Brett Kavanaugh
Amy Coney Barrett  · Ketanji Brown Jackson
Case opinions
MajorityRoberts, joined by Thomas, Alito, Gorsuch, Kavanaugh, Barrett
ConcurrenceGorsuch, joined by Thomas
DissentSotomayor, joined by Kagan, Jackson
Laws applied
U.S. Const. amend. VII; Securities Act of 1933; Securities Exchange Act of 1934; Investment Advisers Act of 1940

Securities and Exchange Commission v. Jarkesy (Docket No. 22-859) [1] was a case before the Supreme Court of the United States. In May 2022, the Court of Appeals for the Fifth Circuit held, under certain statutory provisions, the Securities and Exchange Commission's administrative adjudication of fraud claims without jury trials in their administrative proceedings with their own administrative law judges (ALJs) rather than Article III judges violated three provisions of the Constitution. The justices ruled that the Securities and Exchange Commission violated the Seventh Amendment.[ citation needed ] [2] [3]

Contents

First, the enforcement of Dodd Frank's civil penalties for securities fraud in the SEC's administrative proceedings violated the Seventh Amendment's guarantee of a jury trial because (a) the case involved traditional common law claims (fraud), (b) civil penalties are a legal remedy to which the Seventh Amendment attaches, thus (c) the claims are not a matter of public rights that can be adjudicated in administrative proceedings on the mere basis the government is the plaintiff; [4] [5] Second, under the first clause of Article I, where "All legislative Powers herein granted shall be vested in a Congress of the United States, which shall consist of a Senate and House of Representatives," Dodd Frank's broad grant of unfettered discretion to the SEC to choose between enforcing identical claims in either federal district court or its own administrative tribunal violated the nondelegation doctrine because (a) the assignment of claims to a non-Article III tribunal is an Article I power, and (b) Congress provided—as the SEC conceded [6] [5] —no intelligible principle to the SEC. Third, the two layers of for-cause removal protections of ALJs violated Article II's Take Care Clause. [7] [8] [5]

The United States Supreme Court issued its decision in June 2024, and in a 6-3 opinion, ruled that those charged with civil penalties by the SEC have the right to a jury trial, under the Seventh Amendment, but did not consider the other questions raised.

Background

Prior [9] to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [10] only registered entities such as broker-dealers or licensed investment advisers were subject to the Investment Advisers Act's administrative enforcement provisions. In response to the Great Recession, [11] Congress purported to empower [12] the SEC to impose harsh civil penalties [13] against any [9] private citizen through its own administrative adjudications with only limited, after-the-fact review by a federal court of appeals. [14] Dodd-Frank effectively bestowed [15] to the SEC "coextensive" authority with federal court to impose civil penalties. [16] [9] [12]

In 2007 and 2009, George Jarkesy created two small hedge funds totaling $24 million that invested in bridge loans to start-up companies, equity investments principally in microcap companies, and life settlement policies. Jarkesy brought in Patriot28 LLC as an investment advisor to these funds. [17] In part due the Great Recession, the funds lost value, and Jarkesy and Patriot28 were alleged by the SEC to have overestimated the value of the hedge fund assets and made other false claims. [18] Under Dodd-Frank's new provisions, after an investigation, the SEC opted to use internal proceedings rather than a jury trial to evaluate its claims against Jarkesy and Patriot28. [18] The SEC initiated the enforcement action on March 22, 2013, with its ALJ. [17] [19] The SEC's enforcement mechanism does not provide a jury trial or access to an Article III judge, only an in-house administrative law judge at the SEC. [20]

In 2014, Jarkesy and Patriot28 filed a collateral challenge to the administrative enforcement action in district court to stay the administrative proceedings, alleging that the proceedings violated his Seventh Amendment [21] and equal protection rights, [22] that Dodd-Frank violated the Non-delegation Doctrine, [21] and that the ALJs violate the Appointments Clause. [21] On appeal, the United States Court of Appeals for the D.C. Circuit in 2015 applied Thunder Basin Coal Co. v. Reich's [23] implied jurisdictional preclusion of collateral lawsuits to the SEC's statutory structure, holding [24] that federal courts do not have subject matter jurisdiction to hear even structural constitutional claims until after the adjudicative process and final order of the Commission. [25] The D.C. Circuit did not address the merits of the constitutional objections [26] but held that Jarkesy was required to raise and exhaust his constitutional objections—about the ALJs and the SEC—to the ALJ and the SEC before judicial review of final agency action would be available. [27] [22] [21] [26]

Five years after the SEC initiated the enforcement action against Jarkesy, the Supreme Court of the United States held in Lucia v. Securities and Exchange Commission in 2018 that the SEC's ALJs are inferior officers of the Executive Branch subject to the Appointments Clause of Article II of the United States Constitution and must be appointed by the President or a delegated officer. The Supreme Court's decision allowed any defendant in pending SEC administrative proceedings before unconstitutionally appointed ALJs to request a new ALJ and hearing. Jarkesy and Patriot28 waived the Lucia error remedy to avoid prolonging the adjudicative process.

In 2020, seven years after initiating the enforcement action, the Commission concluded that based on existing evidence from the ALJ's proceedings, Jarkesy and Patriot28 were liable, and the Commission imposed $300,000 in civil penalties and $685,000 in disgorgement. Jarkesy was also barred from any future investments-related activities. [25] As did the ALJ, the commission also rejected each of Jarkesy's constitutional challenges. Jarkesy appealed to the Fifth Circuit. [28] [18]

Five months after oral argument, the SEC issued a statement revealing a control deficiency where SEC staff misappropriated internal documents relating to Jarkesy along with Cochran v. SEC [29] which also raised constitutional challenges before the ALJ. Dating back to 2017, adjudication staff submitted memos to the commission, and because internal databases were improperly configured, personnel from the enforcement division had access to these adjudication memos. Under 5 U.S.C. § 554(d) of the Administrative Procedure Act (APA), these memoranda are supposed to be kept confidential within divisions to keep adjudicative, investigative and prosecutorial staff separated. The SEC claimed that while ten reports were affected, they did not find any evidence that the improper disclosures impacted its findings. [30] [31] This led to additional criticism of the SEC's enforcement practices from groups such as the U.S. Chamber of Commerce and called for reform of the SEC. [30]

Fifth Circuit

The Fifth Circuit ruled on May 18, 2022, 2–1 in favor of Jarkesy. Judge Jennifer Walker Elrod, writing for the majority, found the SEC's administrative enforcement against Jarkesy to be unconstitutional in three ways: [25]

Judge Andy Oldham joined Judge Elrod in the majority. Senior Judge W. Eugene Davis dissented. [25]

The attorney for Jarkesy is S. Michael McColloch, while Daniel J. Aguilar of the Civil Division of the Department of Justice argued for the SEC. [43] [6]

Supreme Court

The Supreme Court had already granted certiorari to Axon Enterprise, Inc. v. Federal Trade Commission and SEC v. Cochran for the 2022–23 term, which address whether defendants in administrative proceedings can challenge in district court the constitutionality of ALJs within the Federal Trade Commission and the SEC before final agency action. The Supreme Court granted the petition for certiorari in Cochran two days prior to the Fifth Circuit's decision. [7] [44]

The U.S. Supreme Court ruled in favor of Jarkesy on June 27, 2024, in a 6–3 decision. [45] The majority opinion, written by Chief Justice John Roberts and joined by Justices Samuel Alito, Clarence Thomas, Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett, found that the current use of agency tribunals for those charged with civil violations by the SEC violated the rights recognized by the Seventh Amendment. Roberts contended that the actions taken by the SEC to seek monetary fines from those charged with violations of civil law, with intent to punish rather than to compensate victims, were based on common law, such that the right to a jury trial is assured by the Seventh Amendment. The decision did not consider the merits of the two other questions presented related to the non-delegation doctrine or the legality of ALJs. [3]

Justice Sonia Sotomayor wrote the dissent joined by Justices Elena Kagan and Ketanji Brown Jackson. Sotomayor called the majority decision "a devastating blow to the manner in which our government functions", as the majority did not apply the long-standing public rights doctrine of Atlas Roofing Co. v. OSHRC (1977). When Congress creates a public right enforced by the federal government, it can "assign the matter for decision to an agency without a jury, consistent with the Seventh Amendment." The majority's ruling, Sotomayor argued, would create confusion around how public and private rights should be handled. [3]

Impact

At the end of March 2022, the SEC only had seven pending administrative enforcement actions in front of its three ALJs. [46] Legal experts believe Jarkesy is the first case that has held an administrative enforcement action brought to its ALJ must be tried by a jury. [7] Since Jarkesy, at least three lawsuits have been filed claiming that the United States Department of Labor's administrative proceedings for enforcing anti-discrimination requirements for federal contractors are unconstitutional. [47]

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References

  1. ↑ Jarkesy v. SEC, No. 20-61007, 2022 U.S. App. LEXIS 13460 | __ F.4th __ | 2022 WL 1563613, 2022 BL 172464 (5th Cir. May 18, 2022).
  2. ↑ "SEC v. Jarkesy: A Groundbreaking Supreme Court Decision with Significant Implications for Securities Enforcement | Insights | Greenberg Traurig LLP". www.gtlaw.com. Retrieved 2024-11-12.
  3. 1 2 3 Mann, Ronald (June 27, 2024). "Justices limit major SEC tool to penalize fraud". SCOTUSBlog . Archived from the original on July 12, 2024. Retrieved June 28, 2024.
  4. ↑ McGill, Kevin (May 20, 2022). "Ruling in securities case could mean limits on regulators". Washington Post.
  5. 1 2 3 4 5 Hill, Jon (May 18, 2022). "5th Circ. Says SEC's In-House Court Is Unconstitutional". Law360.
  6. 1 2 Oral Argument at 27:20, Jarkesy v. SEC, No. 20-61007 (5th Cir. argued October 10, 2021), https://www.youtube.com/watch?v=-ZpW81630Ms&t=1627s.
  7. 1 2 3 Godoy, Jody (2022-05-18). "SEC in-house judges violate right to jury trial, appeals court rules". Reuters. Retrieved 2022-05-19.
  8. ↑ "Constitutional Thunder Out of the Fifth Circuit". Wall Street Journal. May 22, 2022. Retrieved May 24, 2022.
  9. 1 2 3 "RECENT LEGISLATION: ADMINISTRATIVE LAW — AGENCY DESIGN — DODD-FRANK ACT CREATES THE CONSUMER FINANCIAL PROTECTION BU- REAU — Dodd-Frank Act" (PDF). Harvard Law Review. 124:2123: 2125. 2011.
  10. ↑ Pub. Law No. 111-203, § 929P, 124 Stat. 1376, 1862–64 (2010) (codified at 15 U.S.C. §§ 77h-1(g), 78u-2(a)(2), 80a-9(d), and 80b-3(i))
  11. ↑ Atkins, Paul S. (2008). "Evaluating the Mission: A Critical Review of the History and Evolution of the SEC Enforcement Program". Fordham J. Corp. & Fin. L. 13: 367.
  12. 1 2 3 4 Zaring, David (May 2016). "Enforcement Discretion at the SEC" (PDF). Texas Law Review. 94: 1155.
  13. ↑ Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. Law No. 111-203, § 929P(a)
  14. ↑ Platt, Alexander I. (2015). "SEC Administrative Proceedings: Backlash and Reform" (PDF). The Business Lawyer. 71 (Winter 2015–2016).
  15. ↑ Compare Dodd-Frank Act, Pub. L. No. 111-203, § 929P(a), 124 Stat. 1376, 1862 (2010) (amending 15 U.S.C. § 77h-1 to allow SEC to seek monetary penalties in cease and desist actions filed in administrative proceedings); with 15 U.S.C.§§78u-2(a), (b)(1) (2012) (allowing SEC to pursue civil monetary penalties in administrative hearings arising from violations of 1934 Act); and 15 U.S.C. § 77h-1(a) (2006) (allowing for cease and desist orders to be issued by SEC without going to court against any person that is "violating, has violated, or is about to violate" Securities Act of 1933 "after notice and opportunity for hearing" in administrative proceeding).
  16. ↑ Congress wanted to “mak[e] the SEC’s authority in administrative penalty proceedings coextensive with its authority to seek penalties in Federal court.” H. Rep. No. 111-687, at 78 (2009) (House Report by Rep. Barney Frank for the Committee on Financial Services, discussing “The Investor Protection Act of 2009,” H.R. Res. 3817).
  17. 1 2 Goldstein, Matthew (May 18, 2022). "A federal appeals court says the S.E.C.'s use of an in-house judge violates defendants' rights". The New York Times . Retrieved May 19, 2022.
  18. 1 2 3 Loyola, Maria (May 22, 2022). "A Judicial Ruling Challenges the SEC's Illegal Power". Wall Street Journal. Retrieved May 24, 2022.
  19. ↑ John Thomas Capital Mgmt. Grp. LLC, d/b/a Patriot28 LLC, Exchange Act Release No. 70989, 2013 SEC LEXIS 3862 (Dec. 5, 2013). https://www.sec.gov/alj/aljdec/2014/id693cff.pdf
  20. ↑ Ruger, Todd (2023-11-29). "Supreme Court casts doubt on agency enforcement actions without juries". Roll Call. Retrieved 2024-01-05.
  21. 1 2 3 4 Howard, Joanna (2017). "Reforming SEC ALJ Proceedings". University of Michigan Journal of Law Reform. 50 (3): 797–815. doi: 10.36646/mjlr.50.3.reforming . S2CID   54870787.
  22. 1 2 Dvorak, Michael (2015). "Note, SEC Administrative Proceedings and Equal Protection "Class of One" Challenges: Evaluating Concerns About SEC Forum Choices". Columbia Business Law Review. 2015: 1203 – via SSRN.
  23. ↑ 510 U.S. 200 (1994), available at https://supreme.justia.com/cases/federal/us/510/200/
  24. ↑ Jarkesy v. Sec. & Exch. Comm'n, 803 F.3d 9 (D.C. Cir. 2015), available at https://casetext.com/case/jarkesy-v-sec-amp-exch-commn
  25. 1 2 3 4 Bennett, Jennifer (May 18, 2022). "SEC In-House Hearing Violates Right to Jury, Fifth Cir. Says". Bloomberg Law . Retrieved May 19, 2022.
  26. 1 2 Feldman, Noah (2015-10-02). "SEC's New Court Powers Aren't Going Away". Bloomberg.com. Retrieved 2022-05-25.
  27. ↑ Glassman, Thomas (2015). "Constitutional Challenges to SEC Administrative Proceedings". Constitutional Challenges to SEC Administrative Proceedings, 16 J. Bus. & Sec. L. 47 (2015). 16: 47.
  28. ↑ Editorial Board (May 22, 2022). "Constitutional Thunder Out of the Fifth Circuit". The Wall Street Journal. Retrieved May 24, 2022.
  29. ↑ "Cochran v. SEC: Fifth Circuit Creates Circuit Split by Allowing Prefinal Judicial Review of SEC Enforcement Proceeding". Harvard Law Review. 135: 1963. May 6, 2022.
  30. 1 2 Ho, Soyoung (April 7, 2022). "Critics Press for Reform as SEC Fails to Separate Enforcement and Adjudicatory Functions". Thomson Reuters.
  31. ↑ "Commission Statement Relating to Certain Administrative Adjudications". sec.gov.
  32. 1 2 3 4 5 "Constitutional Thunder Out of the Fifth Circuit". Wall Street Journal. May 22, 2022. Retrieved May 24, 2022.
  33. ↑ Editorial Board (May 22, 2022). "Constitutional Thunder Out of the Fifth Circuit" . Retrieved May 24, 2022.
  34. ↑ Baude, William (2020). "Adjudication Outside Article III". Harvard Law Review. 133: 1511.
  35. ↑ Harrison, John (2019). "Public Rights, Private Privileges, and Article III". Ga. L. Rev. 54: 143.
  36. ↑ Granfinanciera, S.A. v. Nordberg, 492 U.S. 33 (1989), available at https://supreme.justia.com/cases/federal/us/492/33/
  37. ↑ Tull v. United States, 481 U.S. 412, 422 (1987) (“A civil penalty was a type of remedy at common law that could only be enforced in courts of law.”).
  38. ↑ Bishop, Keith Paul (May 20, 2022). "The Fifth Circuit Sides With Justinian and Blackstone". The National Law Review.
  39. ↑ 3 William Blackstone, Commentaries on the Laws of England *42 (explaining the common-law courts’ jurisdiction over “actions on the case which allege any falsity or fraud; all of which savour of a criminal nature, although the action is brought for a civil remedy; and make the defendant liable in strictness to pay a fine to the king, as well as damages to the injured party”).
  40. ↑ See, e.g., SEC v. Fowler, 6 F.4th 255, 258–60 (2d Cir. 2021); SEC v. Johnston, 986 F.3d 63, 71 (1st Cir. 2021); SEC v. Life Partners Holdings, Inc., 854 F.3d 765, 772 (5th Cir. 2017); SEC v. Quan, 817 F.3d 583, 587 (8th Cir. 2016); SEC v. Miller, 808 F.3d 623, 626 (2d Cir. 2015); SEC v. Jasper, 678 F.3d 1116, 1119, 1121–22 (9th Cir. 2012); SEC v. Seghers, 298 F. App’x 319, 321 (5th Cir. 2008).
  41. ↑ 492 U.S. 33 (1989).
  42. ↑ Jones, Ryan (2015). "The Fight Over Home Court: An Analysis of the SEC's Increased Use of Administrative Proceedings". SMU L. Rev. 68: 507.
  43. ↑ Godoy, Jody (May 20, 2022). "SEC in-house judges violate right to jury trial, appeals court rules". Reuters.
  44. ↑ Howe, Amy (May 16, 2022). "Justices grant review in two cases that test jurisdiction of district courts". SCOTUSBlog . Retrieved May 24, 2022.
  45. ↑ Charlie Savage and Adam Liptak (June 27, 2024). "Again Curbing Regulatory Agencies, Supreme Court Rejects S.E.C.'s Tribunals". The New York Times. The New York Times. Archived from the original on July 9, 2024. Retrieved July 12, 2024.
  46. ↑ Godoy, Jody (May 20, 2022). "Ruling on SEC judges could have broad impact".
  47. ↑ Wiessner, Daniel (September 10, 2024). "US Labor Department's in-house anti-bias cases unconstitutional, lawsuit claims". Reuters.
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