Estimated reading time: 0 minutes, 33 seconds

SEC Must Pursue Civil Penalties for Fraud Within 5 Yrs

The U.S. Supreme Court has held that the Securities and Exchange Commission and other federal agencies must file cases pursuing civil penalties for fraudulent activity within five years of the day the fraud takes place, not within five years of the day the fraud is discovered.

So reports Thomson Reuters.

The Court issued the holding in the context of overturning the 2nd U.S. Circuit Court of Appeals’ decision refusing to dismiss a case against a mutual fund manager and his colleague for allegedly wrongful trades they made from 1999 to 2002.

Read the full article from Thomson Reuters here.

 

Seal of the U.S. Securities and Exchange Commi...

Seal of the U.S. Securities and Exchange Commission. (Photo credit: Wikipedia)

 

Enhanced by Zemanta
Read 3597 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.