The Supreme Court held that a statute authorizing the Securities and Exchange Commission to levy civil penalties through administrative proceedings for securities fraud was unconstitutional, because it deprived the defendants of the right to a jury trial under the Seventh Amendment. The fact that civil penalties were the outcome sought was “all but decisive” of the case, but the added fact that the statutory securities fraud statute was substantially similar to common law fraud, which would require a right to a jury trial, confirmed the conclusion. Strictly construed the case only affects agency administratively imposed civil penalties for statutory fraud, but language in the case suggests a broader impact, which could substantially impact agency adjudication more generally.