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Options open to the SEC following High Court enforcement disgorgement loss

June 15, 2017, Regulatory Compliance Watch

David Kornblau is quoted in a Regulatory Compliance Watch article regarding the Supreme Court's decision mandating a five-year statute of limitations on disgorgement assessed by the SEC. Commenting on the SEC's options, Kornblau says that one thing that the agency could do is rename disgorgement, “calling it restitution." The agency could argue that restitution isn’t a penalty and therefore not subject to a statute of limitations. It could limit the amount to the ill-gotten gains and return any payment to harmed investors. “I don’t know if it will work but they can try it,” Kornblau says.

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