Does SEC Disgorgement Require Investor Harm?

In this episode of Unwritten Law, NCLA Senior Litigation Counsel John Vecchione is joined by NCLA Senior Litigation Counsel Kara Rollins to discuss Sripetch v. SEC, a securities law case scheduled to be argued before the U.S. Supreme Court in April.

The case asks a critical question: must the Securities and Exchange Commission prove that investors suffered actual financial harm in order to obtain disgorgement in a civil enforcement action? John and Kara explain how recent Supreme Court decisions, including Kokesh and Liu, narrowed the SEC’s disgorgement authority while leaving this issue unresolved.