He's a Republican activist and conservative radio host bankrolled by billionaires like Elon Musk and Mark Cuban.
On Thursday, the Supreme Court gutted the ability of government agencies to enforce regulations against those who break the law. While the case,—to demand a trial by jury in federal court, upending the usual adjudication process before administrative law judges. The federal government does not have anywhere close to enough resources and personnel to take every case to a jury when it seeks to impose civil penalties.
So who is the man whose case may have just kneecapped the executive branch in a decision that Justice Sonia Sotomayor bluntly characterized as “a power grab” by the judiciary? Jarkesy managed the Houston-based hedge fund Patriot 28. He hosts a conservative radio show on which he has railed against government agencies like the Department of Energy and the Department of Education. He also once argued that the Civil War was started because the North ran out of money. “They had taxed their people into oblivion. They had ran over their budgets, they were broke, and the South had money,”.
During a 12-day hearing at the SEC’s offices in 2014, Jarkesy said “I don’t recall” or some version of it. An administrative law judge determined Jarkesy had committed securities fraud through his two hedge funds, which managed a cumulative $24 million in assets., he and his firm lied to their 120 investors about how their money was managed and did, beyond a doubt, overvalue holdings to justify extortionist management fees.
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