Securities and Exchange Commission v. Jarkesy

144 S.Ct. 2117 (2024)

From our private database of 46,300+ case briefs, written and edited by humans—never with AI.

Securities and Exchange Commission v. Jarkesy

United States Supreme Court
144 S.Ct. 2117 (2024)

Play video

Facts

Congress created the Securities and Exchange Commission (SEC) (plaintiff) to enforce federal securities laws. The SEC could bring enforcement actions in federal court, or, for some claims, it could choose to pursue the enforcement action in its in-house system. The SEC’s in-house system did not offer juries. Rather, an SEC member or an administrative-law judge was both fact-finder and judge. In 2010, the Dodd-Frank Act amended federal law. For the first time, federal law allowed the SEC to pursue all civil-penalty enforcement actions in house. The SEC filed an in-house enforcement action against George Jarkesy, Jr., and Patriot28, LLC (defendants) for allegedly committing fraud in violation of federal securities laws. After an administrative-law judge heard the case, the SEC issued an order finding that Jarkesy and Patriot28 had committed fraud and imposing $300,000 in civil penalties. On appeal, the Fifth Circuit vacated the order, ruling that the SEC’s in-house process had been unconstitutional for several reasons, including the lack of a jury. The United States Supreme Court granted certiorari.

Rule of Law

Issue

Holding and Reasoning (Roberts, C.J.)

Concurrence (Gorsuch, J.)

Dissent (Sotomayor, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 815,000 law students since 2011. Some law schools even subscribe directly to Quimbee for all their law students.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

Here's why 815,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 815,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,300 briefs - keyed to 988 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership