Posted on 05/18/2022 8:23:24 PM PDT by yesthatjallen
The 5th Circuit Court of Appeals on Wednesday ruled the Securities and Exchange Commission (SEC) is denying defendants a constitutional right to a jury trial by putting them in front of its own internal judges.
In a 2-1 ruling, the court ruled for George Jarkesy and Patriot28 LLC, who sued the SEC in 2011 after the agency imposed a $300,000 fine and other punishments in a securities fraud case.
Judge Jennifer Walker Elrod wrote in the majority opinion the SEC violated the Seventh Amendment constitutional right to a jury trial by bringing defendants before in-house judges and allowing the agency to “act as both prosecutor and judge.”
Congress also unconstitutionally delegated power to the SEC to act as a legislative body, Elrod wrote.
“’We the People’ are the fountainhead of all government power. Through the Constitution, the people delegated some of that power to the federal government so that it would protect rights and promote the common good,” Elrod said. “But that accountability evaporates if a person or entity other than Congress exercises legislative power.”
SNIP
(Excerpt) Read more at finance.yahoo.com ...
Another little “internal judicial system.”
This may end up being huge if appealed to the SC
Good news.
Now someone needs to tear the IRS a new one over counting wages as income, among other things.
Isn’t this what they are doing to the January 6th “insurrectionists?”
No reason for an executive branch department to be inconvenienced by the judicial branch, over which it has no control.
Just set up your own in-house court system. Brilliant.
Have a courtroom, with a judge, and judge’s chambers, and a table for defense council another for the prosecution. Have a court reporter sitting there, and some bailiffs with guns and tasers. Instant internal court system. What’s not to like?
Excellent!
Now do the IRS.
This could be a big deal!
The SEC has long engaged with things like retroactive penalties with blistering fines, and zero legal remedy.
The reason for this is that they are a tiny agency, tasked with overseeing a gigantic market system. But this also means that they can only take on really big situations.
Smaller problems, even if egregious, are generally ignored, like the Market Maker scandals, where small cap companies were effectively looted and destroyed by MMs.
Truthfully, I don’t see any way out of the problem.
The administrative state finally takes a hit.
Hopefully the CFPB is next. An agency that funds itself by fining financial institutions/extorting them.
Seems like each of our co-equal branches of government like to intrude on each other’s turf and we’re all caught in the middle.
'Splain to me how that's any different from the Infernal Revenue Service.
Let's hope we find out.
Is this to keep Musk from discovering Twitter fraud? Forcing him to go through a court?
Although, he’s rich and can afford to do that.
“’We the People’ are the fountainhead of all government power. Through the Constitution, the people delegated some of that power to the federal government so that it would protect rights and promote the common good,” Elrod said. “But that accountability evaporates if a person or entity other than Congress exercises legislative power.”
That right there, if upheld, should open a can of whoop-ass on all these bureaucrats acting like judges and legislatures.
In a sane world, it would, but the Supreme Court justices are the people too misguided, cowardly, unwise--and unintelligent--to consider, much less examine honestly, bravely seeking to reveal truth, the evidence of massive fraud in the 2020 Presidential Election, plunging the USA and the world into one of the most dangerous crises in US history!
Deep State controls the SCOTUS.
Likely some justices are fine and dandy with that.
I’m really wondering these days if any who aren’t are under house arrest.
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