Kokesh Spread Could Pose Risk To SEC Enforcement Power
Law360 (June 29, 2018, 7:39 PM EDT) -- While the U.S. Securities and Exchange Commission has highlighted the significant financial impact of a Supreme Court ruling last year that limited the time the agency has to recover ill-gotten funds through disgorgements, the greater concern for the agency going forward is whether the finding will eventually spread to other remedies, legal experts say.
The high court's unanimous decision in Kokesh v. the SEC found that disgorgement is a civil penalty and as a result subject to a five-year statute of limitations, a restriction SEC Enforcement Division co-director Steven Peikin recently told a Congressional committee has cost the agency $800 million...
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