JARKESY v. S.E.C.

No. 20-61007.

34 F.4th 446 (2022)

George R. JARKESY, Jr.; Patriot28, L.L.C., Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals, Fifth Circuit.

FILED May 18, 2022.


Attorney(s) appearing for the Case

S. Michael McColloch , S. Michael McColloch, P.L.L.C., Dallas, TX, Karen L. Cook , Karen Cook, P.L.L.C., Dallas, TX, for Petitioners.

Paul Gerard Alvarez , Attorney, Dominick V. Freda , Assistant General Counsel, U.S. Securities & Exchange Commission, Washington, DC, Daniel J. Aguilar , Amanda Mundell , Joshua Marc Salzman , U.S. Department of Justice, Civil Division, Appellate Section, Washington, DC, for Respondent.

Margaret A. Little , New Civil Liberties Alliance, Washington, DC, for Amicus Curiae New Civil Liberties Alliance.

Russell Ryan , King & Spalding, L.L.P., Washington, DC, for Amicus Curiae Cato Institute.

Samuel Wollin Cooper , Paul Hastings L.L.P., Houston, TX, for Amici Curiae Phillip Goldstein, Mark Cuban, and Nelson Obus.

Before Davis, Elrod, and Oldham, Circuit Judges.


Congress has given the Securities and Exchange Commission substantial power to enforce the nation's securities laws. It often acts as both prosecutor and judge, and its decisions have broad consequences for personal liberty and property. But the Constitution constrains the SEC's powers by protecting individual...

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