Trader Brings ALJ Challenge To 2nd Circ. In Likely First

Law360, New York (April 18, 2017, 2:15 PM EDT) -- A former Barclays Capital Inc. bond trader brought to the Second Circuit on Monday what is possibly the first constitutional challenge on direct appeal against the U.S. Securities and Exchange Commission’s administrative law judges, in an attempt to ditch his five-year industry ban and $82,500 fine over an alleged stock-parking scheme.

Thomas Gonnella raised a host of arguments to persuade the Second Circuit to overturn the SEC’s 2016 decision, including claims that the agency’s administrative judges are “inferior officers” whose selections violate the appointments clause of the Constitution because they aren’t appointed by the president, the head of the agency or...

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