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Covering SEC, CFTC, FINRA, PCAOB, States, Exchanges, & FCA Enforcement Activities

Update: SCOTUS Will Consider Statute of Limitations on Disgorgement

We previously wrote about how the SEC urged the Supreme Court to grant certiorari in Kokesh v. SEC, and on Friday, January 13, the Court did just that. In an order without comment, the Court granted certiorari after both the petitioner and the SEC requested the Court’s review, albeit for different reasons. While the petitioner believes he should not be subject to disgorgement for ill-gotten gains that were obtained more than five years ago, the SEC wants the Court to bring clarity to the circuit split that has developed since the Eleventh Circuit’s decision in SEC v. Graham, which held that the five-year statute of limitations applies to disgorgement. As we previously noted, the SEC argued that Graham impedes its ability to achieve uniformity in the administration of securities laws.

We will continue to monitor developments in this case, which is sure to shape the timing of future SEC enforcement investigations and actions and the remedies it will seek.

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January 18, 2017
Written by: William L. Carr and Andrew L. Van Houter
Category: Compliance and Supervision, Hedge Funds and Private Equity, Insider and Manipulative Trading, Investment Advisers and Broker Dealers, Public Companies, Accounting, and Auditing
Tags: Civil Penalties, Disgorgement, Statute of Limitations

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