“If one is successful in having charges dismissed before an administrative law judge, as I was, the SEC can appeal that decision, and that appeal is heard by the SEC commissioners. One doesn’t need to know anything about finance or law to recognize the unfairness in this.”, Jim Hopkins, Wellesley Mass., Letter to the Editor, WSJ

Opinion Letters

SEC Ignores Its Appeals Guidelines

The SEC commissioners have no timeline in which to render their decision for the appeal.

Regarding William McLucas and Matthew Martens’s “How to Rein In the SEC” (op-ed, June 3): Having been a target of the SEC and subject to the administrative law justice venue, I want to highlight a part of this broken process that doesn’t get much attention. If one is successful in having charges dismissed before an administrative law judge, as I was, the SEC can appeal that decision, and that appeal is heard by the SEC commissioners. One doesn’t need to know anything about finance or law to recognize the unfairness in this. But what isn’t well understood is that at this stage in the process the commissioners have no timeline in which to render their decision for the appeal. There is no deadline. They have unenforceable guidelines which state that they will endeavor to make a decision in seven to 11 months time from the date of the appeal. In my case, their decision came 37 months after that date. In that time I have been precluded from working in an industry in which, as their chief justice stated in her initial decision, I “have an unblemished 35-year career.” They have been allowed to effectively mete out the most severe punishment without my case being fully adjudicated.

There should be a set time frame in which to expect resolution to one’s case.

Jim Hopkins

Wellesley, Mass.

Posted on June 10, 2015, in Postings. Bookmark the permalink. Leave a comment.

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