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Administrative Law Keyed to Aman
Lucia v. Securities and Exchange Commission
Citation:
138 S. Ct. 2044, 585 U.S. 237 (2018)Facts
Raymond Lucia marketed a retirement savings strategy called “Buckets of Money.” The SEC charged him with using misleading slideshow presentations to deceive prospective clients in violation of the Investment Advisers Act. The SEC assigned ALJ Cameron Elliot to adjudicate the case. After a nine-day hearing, Judge Elliot found that Lucia had violated the Act and imposed sanctions including $300,000 in civil penalties and a lifetime bar from the investment industry. The SEC remanded for additional factfinding, after which Judge Elliot issued a revised initial decision with the same sanctions. On appeal to the SEC, Lucia argued that the administrative proceeding was invalid because Judge Elliot had not been constitutionally appointed. He contended that SEC ALJs are “Officers of the United States” subject to the Appointments Clause, which requires appointment by the President, courts of law, or heads of departments. The SEC ALJs, including Judge Elliot, had been selected by SEC staff members rather than by the Commission itself. The SEC rejected Lucia’s argument, holding that its ALJs are mere employees, not officers. The D.C. Circuit affirmed, but the Tenth Circuit reached the opposite conclusion in a different case.
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