2nd Circ. Says SEC Moved Fast Enough In Suing NY Broker

Law360 (July 22, 2021, 5:04 PM EDT) -- The timer for bringing actions to enforce civil fines, penalties or forfeiture can be paused, the Second Circuit ruled in a precedential opinion Thursday as it upheld a $2 million judgment against a former Long Island broker who tried to get his U.S. Securities and Exchange Commission violations reversed on a timing technicality.

Donald J. Fowler had argued that the SEC waited too long to bring an enforcement action against him alleging that he ripped off investors with excessive trading fees and reckless bets. In particular, he claimed that a decades-old change to federal law meant the five-year statute of limitations for...

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