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Browse: Home / Statute of Limitations

Statute of Limitations

Congress Extending the SEC Statute of Limitations to 10 Years?!!

By Securities Docket on January 11, 2021, 4:02 pm

Congress recently overrode President Trump’s veto of the $740 billion 2021 National Defense Authorization Act (“NDAA”) and signed it into law. While the focus of the NDAA is not on the U.S. Securities and Exchange Commission (“SEC”), the NDAA does include a provision that gives the SEC, for the first time ever, statutory authority to […]

Posted in SEC, Top | Tagged NDAA, Statute of Limitations

SEC’s FCPA Action Time Barred

By Securities Docket on July 16, 2018, 9:45 am

The Commission’s FCPA complaint against two individuals at a hedge fund management firm involved with what the agency called a “sprawling scheme” to bribe various African public officials was dismissed as time barred. Specifically, the Court dismissed the SEC’s amended complaint against Michael Cohen and Vanja Baros, each of whom was employed by a subsidiary […]

Posted in SEC, Top | Tagged Statute of Limitations

Supreme Court skeptical about SEC’s powers of ‘disgorgement’ – The Washington Post

By Securities Docket on April 19, 2017, 5:03 pm

The Supreme Court indicated Tuesday that the federal government does not have the wide power it claims in pursuing the ill-gotten profits of fraudulent behavior. Justices across the board were at least skeptical of the Securities and Exchange Commission’s claim that it is not bound by a five-year statute of limitations when it seeks “disgorgement,” […]

Posted in SEC, Top | Tagged Statute of Limitations, Supreme Court

Supreme Court next stop in Kokesh, SEC saga – The Santa Fe New Mexican

By Securities Docket on April 17, 2017, 11:01 am

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 […]

Posted in SEC, Top | Tagged Statute of Limitations

Is There a Statute of Limitations on Disgorgement? – Lexology

By Securities Docket on February 24, 2017, 10:12 am

How long does the Securities and Exchange Commission (SEC) have to bring a lawsuit asking for disgorgement of unlawful gains? The United States Supreme Court will decide that issue this term in Kokesh v. Securities and Exchange Commission. Under federal law, no “action, suit or proceeding for the enforcement of any civil fine, penalty, or […]

Posted in SEC, Top | Tagged Appellate, Statute of Limitations

Eleventh Circuit ties SEC disgorgement to five-year statute of limitations – The FCPA Blog

By Securities Docket on June 9, 2016, 10:32 am

Last month the United States Court of Appeals for the Eleventh Circuit held in SEC. v. Graham et al that the five-year statute of limitations in 28 USC §2462 applies to SEC claims for disgorgement or declaratory relief. Although Graham is not binding outside of the Eleventh Circuit, it represents a significant challenge to the […]

Posted in SEC, Top | Tagged Disgorgement, Statute of Limitations

Why Did BHP Billiton Settle an FCPA Case Including 7+ Year-Old Conduct? | Cady Bar the Door

By Securities Docket on May 22, 2015, 8:56 am

My question is: why is this case happening now?  Does the statute of limitations mean nothing?  Under 28 U.S.C. § 2462, the SEC has five years to bring cases including a “punitive remedies,” which includes civil money penalties such as the one in this case…. via Why Did BHP Billiton Settle an FCPA Case Including […]

Posted in SEC, Top | Tagged Statute of Limitations

Judge dismisses SEC’s fraud case against Cay Clubs timeshare operators – Orlando Sentinel

By Securities Docket on May 22, 2014, 7:51 am

A Miami judge tossed the U.S. Securities and Exchange Commission’s case against principals of the Cay Clubs Resorts & Marinas last week, ruling that the five-year statute of limitations had expired and the SEC’s suit was filed too late. A criminal investigation of Cay Clubs is still underway. via Judge dismisses SEC’s fraud case against […]

Posted in SEC, Top | Tagged Statute of Limitations

Five-Year Anniversary of Madoff Revelations May Spur Additional Charges – Compliance Week

By Securities Docket on September 18, 2013, 9:02 am

It is hard to believe that it has almost been five years since the revelation that Bernard Madoff’s wildly successful investment firm was actually a multibillion-dollar Ponzi scheme, but the five-year anniversary of Madoff’s December 2008 confession to authorities is fast approaching. Because securities fraud charges have a five-year statute of limitations, the next few months could […]

Posted in Criminal, Top | Tagged Madoff, Statute of Limitations | 1 Response

Don’t Believe The Hype On SEC Statute Of Limitations — FCPA Professor

By Securities Docket on September 12, 2013, 7:56 am

The SEC is now pushing Congress to double its existing five-year time limit (applicable to Foreign Corrupt Practices Act offenses and many others) to ten years.  Senator Jack Reed (D-RI), a high-ranking member of the Senate Banking Committee, reportedly intends to introduce legislation this fall. But the SEC already has several arrows in its quiver, such […]

Posted in SEC | Tagged Statute of Limitations, Web Watch

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