SEC V. Wyly Portends A Strict Reading Of Gabelli

Law360, New York (June 25, 2013, 12:34 PM EDT) -- In its recent landmark decision in Gabelli v. U.S. Securities and Exchange Commission,[1] the Supreme Court unanimously and unambiguously held that the five-year statute of limitations in SEC civil penalty actions begins to tick when the fraud is complete, not the later time when the SEC discovers the fraud. But the court left open the possibility that the doctrines of fraudulent concealment or equitable tolling might toll the statute of limitations in appropriate cases.

In its recent order in SEC v. Wyly granting defendants summary judgment...
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