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Administrative Law Keyed to Breyer
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 believed Lucia used misleading slideshow presentations to deceive prospective clients and charged him with violations of the Investment Advisers Act. The SEC assigned ALJ Cameron Elliot to adjudicate the case. ALJs at the SEC have extensive powers, including the authority to administer oaths, take testimony, rule on evidence admissibility, issue subpoenas, and impose sanctions for contemptuous conduct. After nine days of testimony and argument, Judge Elliot issued an initial decision finding Lucia had violated the Act and imposing sanctions including a $300,000 civil penalty and a lifetime bar from the investment industry. The Commission remanded for additional factfinding, after which 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 as required by the Appointments Clause, as he was appointed by SEC staff rather than the Commission itself, which qualifies as a “Head of Department.”
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