SEC Fights To Keep Alive Suit Over $17M Stock Scheme

Law360, New York (July 21, 2017, 5:01 PM EDT) -- The U.S. Securities and Exchange Commission told a New Jersey federal judge on Friday that injunctive relief sought against a broker-dealer alleged to have taken part in a $17.2 million pump-and-dump scheme is not a time-barred punishment but a remedy designed to protect the public.

Guy Gentile moved to dismiss a March 2016 suit by the commission, saying that the five-year statute of limitations on civil penalties established by the U.S. Supreme Court’s decision in Kokesh v. SEC had expired six months before the action was commenced, thus barring the SEC from seeking an injunction banning him from participating in the...

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