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VOL. 42 | NO. 25 | Friday, June 22, 2018
Supreme Court sides with 'Buckets of Money' financier
WASHINGTON (AP) — The Supreme Court is siding with a financial adviser known for his "Buckets of Money" retirement strategy who challenged the appointment of the administrative law judge who ruled against him in a fraud case.
The justices ruled Thursday that Raymond Lucia of California is entitled to a new hearing because the judge in his case was not properly appointed by the Securities and Exchange Commission. The 6-3 decision could affect administrative law judges in other federal agencies.
But the court declined to address a larger issue raised by the Trump administration. It wanted the justices to rule that the president has broad authority to fire certain officials.
The SEC already has changed the way it appoints its judges by requiring a vote by commissioners, instead of relying on staff members.