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Article
Publication date: 6 November 2017

Marc Litt, Jerome P. Tomas, Elizabeth L. Yingling and Richard A. Kirby

To explain the Supreme Court’s ruling in its recent Kokesh v. SEC decision and its impact on the SEC’s ability to recover disgorgement of ill-gotten gains beyond the…

Abstract

Purpose

To explain the Supreme Court’s ruling in its recent Kokesh v. SEC decision and its impact on the SEC’s ability to recover disgorgement of ill-gotten gains beyond the five-year statute of limitations.

Design/methodology/approach

This article discusses the Supreme Court’s recent decision and the immediate effects it will have on the SEC’s approach to a variety of cases in which a significant portion of the recovery may now be outside the statute of limitations.

Findings

The article concludes that the recent Supreme Court decision will have an immediate effect of preventing the SEC from reaching back beyond five years for disgorgement; however, the SEC may be able to comply with Kokesh and modify its procedures so that its financial recoveries from those that violate securities laws may be categorized as an equitable remedy (like restitution) rather than as a penalty (like forfeiture) which is subject to a five-year statute of limitations.

Originality/value

The article provides practical guidance from experienced securities litigation and white collar crime lawyers. It explains and analyzes the Supreme Court decision that severely limits the ability of the SEC to seek disgorgement by limiting the SEC’s use of disgorgement to a five-year statute of limitations.

Details

Journal of Investment Compliance, vol. 18 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

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Book part
Publication date: 23 September 2005

Abstract

Details

International Entrepreneurship
Type: Book
ISBN: 978-0-76231-227-6

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Abstract

Details

Teacher Preparation in Ireland
Type: Book
ISBN: 978-1-78714-512-2

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Book part
Publication date: 23 September 2005

Abstract

Details

International Entrepreneurship
Type: Book
ISBN: 978-0-76231-227-6

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Book part
Publication date: 23 September 2005

Tomas Karlsson, Benson Honig, Friederike Welter, Leora Shakked and Arie Sadaovski

In the process of starting new ventures, entrepreneurs typically reallocate existing resources to new uses. These resource reallocations challenge the status quo, and are…

Abstract

In the process of starting new ventures, entrepreneurs typically reallocate existing resources to new uses. These resource reallocations challenge the status quo, and are therefore often viewed with suspicion by others (Aldrich & Fiol, 1994). Thus, entrepreneurs need to convince others that the actions required of their new venture are desirable, proper and/or appropriate – they need to gain legitimacy. Institutional theory holds that new ventures have to conform to institutional pressures in order to gain legitimacy. Legitimacy is essential for the new ventures’ chances of survival (cf. Aldrich & Auster, 1986; Aldrich, 1999; Stinchcombe, 1965; Singh, Tucker, & House, 1986). For example, a new venture's reputation facilitates its entry into business networks, which enhances growth (Larson, 1992) and an individual's associations with government agencies and community organizations have positive effects on business founding and survival (Baum & Oliver, 1996). Consequently, institutional theory may lead us to expect that those new ventures that adapt most to institutional pressures would have the greatest chances of success.

Details

International Entrepreneurship
Type: Book
ISBN: 978-0-76231-227-6

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Book part
Publication date: 30 July 2018

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Marketing Management in Turkey
Type: Book
ISBN: 978-1-78714-558-0

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Book part
Publication date: 24 October 2018

Tony L. Henthorne

Abstract

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Tourism in Cuba
Type: Book
ISBN: 978-1-78743-902-3

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Abstract

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Teacher Preparation in Ireland
Type: Book
ISBN: 978-1-78714-512-2

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Book part
Publication date: 1 January 2005

Naresh K. Malhotra

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Review of Marketing Research
Type: Book
ISBN: 978-0-85724-723-0

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Article
Publication date: 1 April 1978

A group of Computer Scientists recently asked for an explanation of the term text processing as it relates to work in Information Science. An interpretation of the term as…

Abstract

A group of Computer Scientists recently asked for an explanation of the term text processing as it relates to work in Information Science. An interpretation of the term as used in the author's research was given and illustrated how that definition differed from the one usually applied in Computing, if not Computer Science.

Details

Program, vol. 12 no. 4
Type: Research Article
ISSN: 0033-0337

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