Nature of the Case
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Facts
The SEC (P) has authority to bring enforcement actions for violations of federal securities laws. Such actions may be brought as a civil action in federal court or as an administrative action before an ALJ. P brought an administrative action against Bandimere (D). A P ALJ presided over a trial-like hearing. The ALJ barred D from the securities industry, ordered him to cease and desist from violating securities laws, imposed civil penalties, and ordered disgorgement. P reviewed the initial decision and reached a similar result in a separate opinion. P addressed D's argument that the ALJ was an inferior officer who had not been appointed under the Appointments Clause. P conceded the ALJ had not been constitutionally appointed but rejected Mr. D's argument because, in its view, the ALJ was not an inferior officer. D appealed. D attacks P's opinion as a whole, including both his securities fraud and registration liability, based on the Appointments Clause.
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