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Constitutional Law Keyed to Choper
Lucia v. Securities and Exchange Commission
Citation:
138 S. Ct. 2044Facts
The Securities and Exchange Commission charged Raymond Lucia with violating securities laws through misleading advertising for his “Buckets of Money” retirement strategy. His case was assigned to Administrative Law Judge Cameron Elliot, who conducted a formal administrative proceeding including taking testimony, admitting evidence, issuing rulings on objections, and ultimately finding violations. Judge Elliot imposed sanctions including a lifetime industry bar and a $300,000 civil penalty. Lucia appealed to the SEC Commission, arguing that the administrative proceeding was invalid because Judge Elliot had not been properly appointed under the Appointments Clause. The SEC rejected this argument, holding that its ALJs were mere employees, not “Officers of the United States.” After losing in the D.C. Circuit, Lucia appealed to the Supreme Court.
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