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O'Meara and Choice Advisors v. SEC — 10th Cir. (Sep 17, 2026)

No. 25-1470 Argued September 17, 2026 Published September 29, 2026

Matthias O'Meara and Choice Advisors advised charter schools on municipal-bond financing. The SEC sued over unregistered advisory work and a fee-sharing deal with a bond underwriter. A federal judge found securities-law violations and imposed monetary remedies and a permanent injunction. After that judgment, the SEC opened a separate in-house case that could bar O'Meara from industry work and discipline Choice. They sued in Colorado to stop it, but a district judge dismissed their constitutional challenges. A different appeals court has since affirmed the earlier securities judgment. Here they say the SEC cannot decide a potentially career-ending sanction without an independent court and possibly a jury, and they should not have to wait for a final agency decision to challenge its authority. The SEC says it is deciding a licensing matter, with court review available afterward. The Tenth Circuit must decide whether these challenges can proceed now and whether the agency can decide the sanction.

O'Meara and Choice Advisors v. SEC (No. 25-1470) — U.S. Court of Appeals for the Tenth Circuit, argued September 17, 2026.

Sources
Argument audio — Tenth Circuit (public domain, 17 U.S.C. § 105):https://www.ca10.uscourts.gov/sites/ca10/files/oralarguments/25-1470.mp3
Argument date and docket — Tenth Circuit:https://www.ca10.uscourts.gov/oralargument/search-results?field_oa_hearing_date_value%5Bmin%5D%5Bdate%5D=09%2F17%2F2026&field_oa_hearing_date_value%5Bmax%5D%5Bdate%5D=09%2F17%2F2026
Civil judgment and case facts — SEC:https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26142
Follow-on administrative proceeding — SEC:https://www.sec.gov/files/litigation/admin/2024/34-101339.pdf
Civil appeal ruling — Ninth Circuit:https://cdn.ca9.uscourts.gov/datastore/memoranda/2026/07/21/24-6447.pdf
Brief and Colorado procedural history — O'Meara and Choice Advisors:https://pacificlegal.org/wp-content/uploads/2026/02/OMeara-Opening-Brief.pdf
Counsel of record — Tenth Circuit docket:https://dockets.justia.com/docket/circuit-courts/ca10/25-1470
Oliver Dunford — Pacific Legal Foundation:https://pacificlegal.org/staff/oliver-dunford/
SEC v. Jarkesy — Supreme Court:https://www.supremecourt.gov/opinions/23pdf/22-859_1924.pdf

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