Justices Skeptical of SEC

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.

via Justices Skeptical of SEC – WSJ.com