Bandimere v. Sec. & Exch. Comm’n, 844 F.3d 1168 (10th Cir. Dec. 27, 2016)

The Tenth Circuit held that the exercise of authority by SEC administrative law judges was unconstitutional in violation of the Appointment Clause.  Citing the ALJ’s significant discretion when presiding over enforcement hearings, the Court held that ALJs are inferior officers, rather than employees, and are thus required to be appointed.