This section contains the nature of the case and procedural background.

The SEC (P) has authority to bring enforcement actions for violations of federal securities laws. Such actions may be brought as a civil action in federal court or as an administrative action before an ALJ. P brought an administrative action against Bandimere (D). A P ALJ presided over a trial-like hearing. The ALJ barred D from the securities industry, ordered him to cease and desist from violating securities laws, imposed civil penalties, and ordered disgorgement. P reviewed the initial decision and reached a similar result in a separate opinion. P addressed D's argument that the ALJ was an inferior officer who had not been appointed under the Appointments Clause. P conceded the ALJ had not been constitutionally appointed but rejected Mr. D's argument because, in its view, the ALJ was not an inferior officer. D appealed. D attacks P's opinion as a whole, including both his securities fraud and registration liability, based on the Appointments Clause.

The legal issues presented in this case will be displayed here.

The court's holding and decision will be displayed here.

Legal analysis from Dean's Law Dictionary will be displayed here.