A federal appeals court yesterday ruled in favor of the Securities and Exchange Commission in a case that challenged the agency’s ability to ban individuals from the securities industry through administrative court procedures, MorningConsult.com reported. A panel of three judges on the U.S. District Court of Appeals for the District of Columbia Circuit denied Raymond Lucia’s appeal to reverse an SEC administrative tribunal decision that banned him from the sector for life for misleading investors. Lucia argued that the court should overturn his ban because the administrative law judge who heard his case “was unconstitutionally appointed” and banned him for behavior that wasn’t unlawful when committed.
