SCOTUS invalidated the SEC’s use of in-house #legal proceedings to #discipline those it believes have committed #fraud — a blow to the #FederalAgency in one of several cases this term challenging the #power of the #ExecutiveBranch.
The court said the SEC’s internal tribunals (not fed courts) to bring #enforcement actions in #securities fraud cases violates the Constitution. The decision has implications for #RegulatoryAgencies.
The third #SCOTUS decision of the day is from Chief Justice #JohnRoberts, on in-house judges for the Securities and Exchange Commission. With the liberals dissenting, the court ruled that when the #SEC seeks civil penalties against a defendant for #securities#fraud, the defendant is entitled to a jury trial.
The decision in SEC v. Jarkesy is a significant win for #conservatives, who have long been chipping away at the #power of #RegulatoryAgencies & the so-called administrative state.
9 #witnesses in the #criminal cases against #Trump have received significant financial benefits, including large raises from his campaign, severance packages, new jobs, & a grant of shares & cash from Trump’s media co.
The benefits have flowed from #Trump’s businesses & campaign cmtes, acc/to a @ProPublica analysis of public disclosures, #court records & #securities filings.One campaign aide had his avg monthly pay double, from $26k to $53.5k. Another employee got a $2M severance package barring him from voluntarily cooperating w/ #law enforcement. And one of the campaign’s top ofcls had her daughter hired onto campaign staff, where she is now the 4th-highest-paid employee. #WitnessTampering#law
Trump stands to gain billions… from the merger between TrumpMedia & Tech & the blank-check co [#SPAC] #DWAC, which took the parent company of #TruthSocial public.
But #TrumpMedia almost didn’t make it to the merger after #regulators opened a #securities investigation into it in 2021 & caused the co to burn through cash at an extraordinary rate as it waited…for its IPO.
The situation led TrumpMedia to take emergency #loans, incl’g from an entity called #ESFamilyTrust, which opened an acct w/ #PaxumBank, a small bank registered on the #Caribbean island of #Dominica best known for providing #financial services to the #porn industry.