More information coming out from the Wall Street Journal's article on the failure of defendants to get a fair trial before the SEC's own administrative law judges.
According to the article, one former SEC judge said she thought the system was slanted against defendants at times.
Lillian McEwen, who was an SEC judge from 1995 to 2007, said she came under fire from Ms. Murray for finding too often in favor of defendants. “She questioned my loyalty to the SEC,” Ms. McEwen said in an interview, adding that she retired as a result of the criticism.
Ms. McEwen said the SEC in-house judges were expected to work on the assumption that “the burden was on the people who were accused to show that they didn’t do what the agency said they did.”
Of course, the burden is on the SEC to prove the allegations, not the reverse.If that comment is true, it is no wonder why defendants lose 90% of the time, and 100% of the time before Judge Elliot.
A spokeswoman for the SEC judges declined to comment, and the judges declined to be interviewed.
For more information - SEC Wins With In-House Judges - WSJ
The attorneys at Sallah Astarita & Cox include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, including the defense of enforcement actions and representation of investors, financial professionals and investment firms, nationwide. For more information call 212-509-6544 or send an email.