100% bang on!!! Sec is in this position to save face. And sure Arnt gonna go Against one of if not their top ALJ. They delay or Dismiss. 4 years later those are their choices !!
SEC decided to dismiss. Doesn't matter if it was one of there own.
What ARE you talking about?
The "SEC" did NOT decide to dismiss. ALJ's are INDEPENDENTLY APPOINTED by the PRESIDENT and make decisions which must (in the end) BE APPROVED by the SEC Board of Commissioners.
This is not a "fight" with "one of their own". Far from it.
There are two litigants here. The SEC (represented by Enforcement) and DBMM (represented by Fritz). These two litigants presented evidence to an INDEPENDANT judge. That judge made a ruling and one of the litigants (Enforcement) disagreed with that ruling. That litigant was granted a Petition for Review of a decision made by an INDEPENDANT ALJ.
Now the SEC Board of Commissioners will make a final determination - not against "one of their own", but against an independent presidentially appointed ALJ.