The case revolves around whether the SEC, the government’s civil enforcement arm for securities violations, can collect refunds from violators beyond a five-year limitation for penalties set by law. The agency argues its policy on recouping money lost from investors is not a penalty assessment, and an order for Kokesh to pay $35 million, going back to 1995 and affirmed by lower courts, should stand.
Clinton Marrs, the Albuquerque attorney who has handled Kokesh’s litigation largely for free, said the SEC’s attempt at enforcement is too broad, especially in this case, where the business and financial records no longer exist and Kokesh, 69, is broke.
via Supreme Court next stop in Kokesh, SEC saga – The Santa Fe New Mexican