SEC Suit Over $17M Stock Scheme Time-Barred, Broker Says
By Bill Wichert (July 3, 2017, 5:47 PM EDT) -- A broker-dealer has argued that a lawsuit alleging he took part in a $17.2 million pump-and-dump stock scheme was filed too late in New Jersey federal court by the U.S. Securities and Exchange Commission and should be dismissed, several months after his related criminal charges were tossed for similar reasons.
Guy Gentile said Friday that the SEC's March 2016 complaint over alleged misconduct that ended in June 2008 is prohibited by a five-year statute of limitations on civil penalties that expired in August 2015 after accounting for tolling agreements, citing the U.S. Supreme Court's decision last month in Kokesh v. SEC...
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