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Jarkesy v. Securities and Exchange Commission

34 F.4th 446 (2022)

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Jarkesy v. Securities and Exchange Commission

United States Court of Appeals for the Fifth Circuit
34 F.4th 446 (2022)

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Facts

George Jarkesy (plaintiff) established two hedge funds and selected Patriot28, L.L.C. (plaintiff) as the funds’ adviser. In 2013, the Securities and Exchange Commission (SEC) (defendant) commenced an agency enforcement action alleging that Jarkesy and Patriot28 had committed securities fraud by misrepresenting certain information about the funds and overvaluing the funds’ assets. Following an evidentiary hearing, an administrative-law judge (ALJ) concluded that Jarkesy and Patriot28 had committed securities fraud. The SEC affirmed the ALJ’s decision, ordered Jarkesy and Patriot28 to cease and desist from further violating securities laws, and imposed a $300,000 civil penalty. The SEC also ordered Patriot28 to disgorge roughly $685,000 in ill-gotten gains and prohibited Jarkesy from engaging in certain activities in the securities industry. Jarkesy and Patriot28 petitioned for review of the SEC’s decision in federal appellate court, asserting, among other things, that (1) the SEC proceedings deprived them of their Seventh Amendment right to a jury trial, and (2) the Dodd-Frank Act unconstitutionally delegated Congress’s legislative power to the SEC by giving the SEC the unlimited ability to choose whether to bring enforcement actions in federal courts or within the agency.

Rule of Law

Issue

Holding and Reasoning (Elrod, J.)

Dissent (Davis, J.)

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