The U.S. Securities and Exchange Commission’s most famous critic, billionaire businessman Mark Cuban, is at it again. He took his crusade against the agency to the U.S. Supreme Court on March 7, filing an amicus brief in a case concerning the SEC’s controversial practice of bringing administrative proceedings before in-house SEC judges rather than suing in federal court.
Cuban’s lawyers at Brown Rudnick filed the brief in support of former Assisted Living Concepts Inc. CEO Laurie Bebo. The SEC initiated administrative proceedings against Bebo in 2014, alleging violations of federal securities laws. Bebo tried to attack the constitutionality of the proceeding. But the U.S. Court of Appeals for the Seventh Circuit ruled it didn’t have jurisdiction to hear her constitutional claim until the administrative proceeding had been concluded.
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