Appellate court rejects constitutional challenge to SEC administrative proceedings. The SEC brought securities fraud charges against an unregistered investment adviser and its manager in an administrative proceeding. Plaintiffs challenged the proceedings in district court, claiming the SEC’s initiation and conduct of the administrative proceeding violated their constitutional rights. The district court dismissed for lack of subject matter jurisdiction. The US Court of Appeals for the DC Circuit affirmed, holding that Congress intended exclusivity when it established the statutory scheme for administrative proceedings and judicial review under securities laws, which precludes the district court from ruling on plaintiffs’ constitutional challenges. (9/29/2015) George Jarkesy, Jr. v. SEC.