Supreme Court To Review Limitations On SEC Disgorgement
Law360, New York (January 13, 2017, 2:55 PM EST) -- The U.S. Supreme Court agreed Friday to review whether the U.S. Securities and Exchange Commission is subject to time limits when seeking ill-gotten gains, taking up a New Mexico investment adviser's appeal of an issue that has split the circuits.
The justices agreed to grant investment adviser Charles R. Kokesh's petition for writ of certiorari over a Tenth Circuit decision finding the five-year statute of limitations on civil penalties doesn't apply to an order requiring Kokesh to disgorge $35 million in interest, after both Kokesh and the SEC itself encouraged the high court to consider the issue. A decision in the...
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