Securities professional fights proposed lifetime ban from the financial industry

Washington, DC; February 17, 2026: A financial firm and advisor filed an appeal today challenging the Securities and Exchange Commission’s unconstitutional administrative hearing. Matthias O’Meara and Choice Advisors, LLC, allege that the SEC double-dipped, seeking punishment and penalties first in federal court and then in its own administrative proceedings, violating his right to an independent judge and jury.

“The Constitution provides clear protections for those accused of violating securities laws,” Oliver Dunford, Senior Attorney at Pacific Legal Foundation, said. “The SEC cannot target alleged violators by stripping them of a fair and independent judicial proceeding, a jury trial, and due process. All Americans deserve a fair and just trial.”

O’Meara is a municipal-securities advisor who was accused by the SEC of violating federal securities laws — even though his clients were satisfied with his work and even though the SEC never alleged investor loss. A federal court, however, ruled against O’Meara, ordered disgorgement, imposed civil monetary penalties, and issued a permanent injunction.

Now, the SEC seeks to ban O’Meara from the industry for the rest of his life through an unconstitutional in-house tribunal. This proceeding violates the Constitution’s separation of powers, which requires hearings before independent judges when private rights are at issue, and the Seventh Amendment, which ensures a jury trial for legal actions like securities-law claims.

O’Meara and Choice Advisors are asking the Tenth Circuit to uphold their rights to a hearing before an independent judge and jury. Pacific Legal Foundation represents O’Meara and Choice Advisors free of charge. This case is Choice Advisors, LLC and Matthias O’Meara v. SEC.