The Supreme Court on Tuesday voiced skepticism over a bid by the Securities and Exchange Commission to relax time limits for seeking civil penalties in fraud cases….
The SEC faced a five-year statute of limitations on bringing a case. The agency alleged the market timing took place between 1999 and 2002, but it didn’t bring a complaint until 2008. The defendants, Marc J. Gabelli and Bruce Alpert, argued the agency’s five-year clock ran from the time of the alleged offense, but the SEC said the clock should have started in late 2003, when it says it discovered the conduct.
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