Eleventh Circuit Rules Disgorgement No Different Than Forfeiture, Barring SEC from Seeking Ill-Gotten Gains Outside Five-Year Limitations Period

Eleventh Circuit Rules Disgorgement No Different Than Forfeiture, Barring SEC from Seeking Ill-Gotten Gains Outside Five-Year Limitations Period

A three judge panel in the Eleventh Circuit issued a ruling last Thursday in Securities and Exchange Commission v. Barry Graham et al., Case No. 14-13562, holding—contrary to several other circuits—that the remedy of disgorgement was effectively a forfeiture, and therefore subject to the standard five-year statute of limitations. 

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