American entrepreneurs, including Elon Musk, Philip Goldstein, and Mark Cuban, have filed an amicus curiae brief in the US Securities and Exchange Commission (SEC) case against George Jarkesy Jr.

Elon Musk, Philip Goldstein, Mark Cuban을 포함한 미국 기업가들은 George Jarkesy Jr.를 상대로 한 미국 증권거래위원회(SEC) 소송에서 큐리아 브리핑을 제출했습니다.

Their appeal to the Supreme Court stated the following:

그들이 대법원에 상고한 내용은 다음과 같습니다.

“The SEC’s insistence on administrative proceedings when federal court juries are readily available runs contrary to the SEC’s mission and harms the very investors and markets the SEC is charged with protecting.”

Court filing

법원 제출

According to the authors, the current mechanism for reviewing administrative cases gives the SEC an “undue advantage” over defendants.

According to court records, Jarkesy created two hedge funds worth $24 million in 2007 and 2009. He invested primarily in small businesses. The investment consultant was Patriot28.

법원 기록에 따르면 Jarkesy는 2007년과 2009년에 2,400만 달러 상당의 헤지펀드 2개를 설립했습니다. 그는 주로 중소기업에 투자했습니다. 투자 컨설턴트는 Patriot28이었습니다.

The SEC later charged Jarkesy and the firm mentioned above with defrauding investors. In 2013, the regulator assigned a review to its judge based on the Dodd-Frank Act and ordered the entrepreneur to pay a fine.

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Jarkesi filed a protest demanding a review of the case. He said the SEC’s actions violated the Seventh Amendment (right to trial by jury).

Jarkesi는 사건 재검토를 요구하는 항의서를 제출했습니다. 그는 SEC의 행동이 수정헌법 7조(배심원에 의한 재판을 받을 권리)를 위반했다고 말했습니다.

In 2020, after several proceedings, the commission upheld the verdict. Later, the department admitted that they had “illegal access” to the materials of a dozen cases, including the case of Jarkesy.

In May 2022, given new details in the case, the U.S. Court of Appeals for the Fifth Circuit ruled in favor of Jarkesy. It restored his seventh amendment rights. The US Department of Justice filed an appeal against this decision. The Supreme Court is expected to hear it in November 2023.

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