Tag: Statute of Limitations

SEC’s FCPA Action Time Barred

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 of hedge fund management firm…

Read More

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

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,” or the return of profits…

Read More

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

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 SEC’s stated position that disgorgement…

Read More

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

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 Cay Clubs timeshare operators –…

Read More

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

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 bring charges against additional individuals…

Read More

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

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 as the discovery rule and…

Read More