‘Buckets of Money’ Case Tests Power of SEC Judges in Trump Era

The U.S. Supreme Court considered bolstering the president’s power over federal agencies in a clash over the constitutional status of the in-house judges who handle complaints at the Securities and Exchange Commission.

The justices April 23 heard an appeal from Raymond Lucia, who was fined $300,000 and barred from working as an investment adviser after an SEC judge found he misled prospective clients with his “Buckets of Money” retirement plan.

Lucia, with the support of the Trump administration, contends the administrative law judge who handled his case was appointed in violation of the Constitution. A victory for Lucia could open ...