Mark Cuban Among SEC Critics Siding With Lucia In ALJ Fight

Law360 (February 6, 2020, 2:11 PM EST) -- Dallas Mavericks owner Mark Cuban and two prominent hedge fund managers are throwing their support behind former investment adviser Raymond Lucia in his latest challenge to the constitutionality of the U.S. Securities and Exchange Commission's administrative law judges.

Cuban and known SEC critics Phillip Goldstein and Nelson Obus told the Ninth Circuit on Wednesday that respondents in SEC administrative proceedings are unfairly denied the same rights and constitutional protections as defendants in enforcement actions that play out in federal court.

"Indeed, when the SEC elects to use an administrative proceeding, whether before an ALJ or the commissioners of the SEC, the...

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