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LIU ET AL. v. SECURITIES AND EXCHANGE COMMISSION - SUPREME COURT OF THE UNITED STATES - 22/06/2020
Citar: elDial.com - CC6D72
Copyright 2024 - elDial.com - editorial albrematica - Tucumán 1440 (1050) - Ciudad Autónoma de Buenos Aires - Argentina
Texto Completo
LIU ET AL. v. SECURITIES AND EXCHANGE COMMISSION - SUPREME COURT OF THE UNITED STATES - 22/06/2020
Sumario:
"To
punish securities fraud, the Securities and Exchange Commission is
authorized
to seek equitable
relief in civil
proceedings, 15 U. S. C. 78u(d)(5).
In Kokesh v. SEC, 581 U. S. ___,
this Court held that a disgorgement order in a Securities and Exchange
Commission (SEC)enforcement action constitutes a
penalty
for purposes of the applicable statute of limitations. The
Court did
not, however, address whether disgorgement can qualify as equitable relief under
78u(d)(5), given that equity historically excludes
punitive
sanctions.Petitioners Charles Liu and Xin Wang solicited foreign
nationals to
invest in the construction of a cancer-treatment center, but, an SEC
investigation revealed, misappropriated much of the funds in violation
of the
terms of a private offering memorandum. The SEC brought a civil action
against
petitioners, seeking, as relevant here, disgorgement equal to the full
amount
petitioners had raised from investors. Petitioners argued that the
disgorgement
remedy failed to account for their legitimate business expenses, but
the
District Court disagreedand ordered petitioners jointly and severally
liable
for the full amount. The Ninth Circuit affirmed".
Citar: elDial.com - CC6D72
Copyright 2024 - elDial.com - editorial albrematica - Tucumán 1440 (1050) - Ciudad Autónoma de Buenos Aires - Argentina
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