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Securities Law

Top Court Curbs SEC Judges, Backs ‘Buckets of Money’ Adviser (1)

June 21, 2018, 2:20 PM

The U.S. Supreme Court took a step toward consolidating the president’s control over administrative agencies, ruling in favor of an investment adviser found to have misled prospective clients with his “Buckets of Money” retirement plan.

The court said June 21 that the in-house Securities and Exchange Commission judge who handled Raymond Lucia’s case was a constitutional “officer,” meaning he should have been directly appointed by the SEC. Lucia had been fined $300,000 by the SEC judge and barred from working as an investment adviser. Writing for six justices in the majority, Justice Elena Kagan said Lucia was entitled to a...

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