US: SUPREME COURT SETS LIMITS ON SEC POWER TO RECOVER ILL-GOTTEN GAINS

On 22 June, Reuters reported that the Supreme Court had placed limits on the SEC ability to force defendants to surrender profits obtained through fraud as part of its enforcement of investor-protection laws in federal courts, but stopped short of disallowing such action. It focused on use of the federal judiciary to seek disgorgement, aimed at passing on funds acquired in fraudulent schemes to the original investors – and allowed such action under certain conditions.

https://www.reuters.com/article/usa-court-sec/u-s-supreme-court-sets-limits-on-secs-power-to-recover-ill-gotten-gains-idUSW1N2B400F

https://fcpablog.com/2020/06/22/supreme-court-puts-limits-on-secs-use-of-disgorgement/

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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