When the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial, so the SEC must proceed in court, and not before its own administrative tribunals to recover civil penalties. Securities fraud replicates common law fraud. The 7th Amendment applies to all actions, including statutory claims, not within equity or maritime jurisdiction. Civil penalties which go beyond restitution are the type of remedy that previously was recoverable only in a court of law. SEC suits for securities fraud do not fall within the limited “public rights” exceptions to Article III jurisdiction–which includes such matters as collection of revenue; aspects of customs law; immigration law; relations with Indian tribes; the administration of public lands; and the granting of public benefits. Granfinanciera, S. A. v. Nordberg, 492 U. S. 33 held that Congress could not deny the right to a jury trial of a fraudulent conveyance claim by treating it as a core bankruptcy proceeding. The same reasoning prevents Congress from denying the right to a jury trial on securities fraud claims by allowing the SEC to hear such claims in its non-jury administrative proceedings.