The US Supreme Court has ruled that the Securities and Exchange Commission cannot seek a fine more than five years after a fraud was committed.
The unanimous ruling by the US’s top court closes the timeframe for SEC investigations, especially if the agency intends to impose penalties. However it is unlikely to affect the agency’s ability to seek repayment of ill-gotten gains.
The decision could affect the government’s ability to seek penalties in cases related to the financial crisis, said James Cox, a securities law professor at Duke University. It could also have ramifications beyond the securities laws, lawyers say, and could affect consumer products and environmental safety.
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