Ray Lucia is a syndicated financial advisor in a business full of bad stories. But he just got a 7-2 victory at the Supreme Court that will spread much wider.
The Government for at least 50 years created the concept of “administrative law judges” who decide if you broke an agency’s regulations, and the “judge” is an employee of the agency who is prosecuting you. That lack of independence is the problem – Lucia was barred by an ALJ from doing investment advising with an in-house “judge”. The Supreme Court has ruled that this is not “justice”.
It is true that the administrative law judges are much more familiar with the agency’s laws and regulations, but the lack of independence is a problem