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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 2022 - elDial.com - editorial albrematica - Tucumán 1440 (1050) - Ciudad Autónoma de Buenos Aires - Argentina

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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".



 

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Citar: elDial.com - CC6D72

Copyright 2022 - elDial.com - editorial albrematica - Tucumán 1440 (1050) - Ciudad Autónoma de Buenos Aires - Argentina