By proceeding administratively, the SEC successfully avoided appearing in the courtroom of United States District Judge Jed S. Rakoff, who last year sharply criticized the SEC for its handling of a settlement with Bank of America.
Gupta has now put the SEC in exactly the forum it sought to avoid – Judge Rakoff’s courtroom – and has teed up the issue of the retroactive applicability of Section 929P of Dodd-Frank in an appealing package.
‘Enforcement 40’ for 2020
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