A federal appeals court has blocked the Securities and Exchange Commission’s civil enforcement proceeding against investment advisor Lynn Tilton.
One day after oral argument, the U.S. Court of Appeals for the Second Circuit said in a brief order it was staying the proceeding pending the appeal, in which Tilton claims an administrative law judge lacks the authority to preside over her case because administrative law judges are “inferior officers” who are supposed to be appointed by the president or his “heads of department” under Article II of the Constitution.
