By Michael Weitman (November 7, 2017, 11:38 AM EST) -- The U.S. Securities and Exchange Commission's ability to bar or suspend an individual from the securities industry is arguably its most powerful enforcement tool. For a securities professional, it is difficult to imagine anything more punitive than losing the ability to earn a living in his or her chosen profession. But only if a court determines that an industry bar or suspension is a "penalty" will the five-year statute of limitations in 28 U.S.C. § 2462 apply.[1] If this extraordinary relief is instead considered "equitable" or "remedial," designed not to punish the wrongdoer but to protect the investing public, it is exempt from the reach of any limitations period. In many cases, this can lead to a high-stakes trial, with one's professional livelihood on the line based on events of the distant past, sparse evidence and faded memories....