For the second time in a month, the U.S. Supreme Court has brushed aside pleas to weigh in on whether the U.S. Securities and Exchange Commission’s administrative proceedings are unconstitutional. While the high court’s denials are clearly a setback for the defense bar, experts say the legality of the SEC’s in-house courts hasn’t been decided and challenges will continue.
On April 25, the high court denied a cert petition filed by Gordon Brent Pierce, a Canadian stock promoter alleged to have sold stock through offshore bank accounts. The denial comes a month after the court declined to hear the case of Laurie Bebo, the former CEO of an assisted living provider alleged to have falsified books, records and filings.
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