Michelle Cochran’s (“Cochran” or “Ms. Cochran”) appeal challenges the United States Securities and Exchange Commission’s (the “SEC” or “Commission”) use of administrative law judges (“ALJs”) in enforcement proceedings. See generally Lucia v. SEC, 138 S. Ct. 2044 (2018) (finding that SEC ALJs were unconstitutionally appointed). Unlike defendants in federal court proceedings, respondents in SEC administrative proceedings are not afforded the right to a jury trial or the benefits and protections of the federal rules of evidence and procedure. Instead, when the SEC elects to use an administrative proceeding, whether before an ALJ or the Commissioners of the SEC (the “Commissioners”), the SEC determines a respondent’s liability and punishment without the involvement of a jury. Such proceedings disregard the protections guaranteed to litigants by the United States Constitution, and lead to unequal and unjust results.

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