The Deadline Passes. No Final Decision.
On January 12, 2026, the SEC issued Extension Order 10 (Release No. 34-104574) and set a deadline of April 13, 2026 for a final decision in Administrative Proceeding No. 3-20639.
In the days before the deadline, Fernandez filed three coordinated documents: an Objection to Further Extension and Motion for Immediate Ruling, a Supplemental Statement of Preserved Constitutional Arguments, and a Motion for Leave addressing Smith v. SEC, No. 24-3907 (6th Cir. Mar. 27, 2026). FINRA filed a motion for a 10-day extension. Fernandez opposed and filed a Declaration of Prejudice from Delay.
On April 13, 2026, the SEC issued Release No. 105209. It granted FINRA’s extension request. It did not contain a final decision. This is the eleventh time the SEC has deferred ruling on this case.
In plain language: The SEC gave itself a deadline. When the day came, it did not decide. It gave itself more time instead. This has now happened eleven times. 1,329 days have passed since both sides finished their arguments. Fernandez remains barred from the securities industry.