Like it has with many others, the U.S. Securities and Exchange Commission filed administrative proceedings against George Jarkesy Jr. in 2013. Unlike many others, however, Mr. Jarkesy did not sit back and accept the SEC's authority to proceed before an administrative law judge (ALJ). He initially challenged the constitutionality of the SEC proceedings in federal district court, but the U.S. Court of Appeals for the D.C. Circuit held that Mr. Jarkesy had to first raise his arguments before the commission itself, which he did.  Years of litigation followed, until the U.S. Court of Appeals for the Fifth Circuit last week granted him the relief that he had long sought.