High Court Curbs SEC Judges, Backs `Buckets of Money’ Adviser

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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 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.

Writing for the court, Justice Elena Kagan said Lucia was entitled to a new hearing before a different judge or the commission itself.

Lucia had been fined $300,000 by the SEC judge and barred from working as an investment adviser.

Securities and Exchange Commission filings are accessible under: NI EDG

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