SEC Lacks Power To Seek Disgorgement In Enforcement Actions, Petitioners Argue

Mealey's (January 3, 2020, 9:32 AM EST) -- WASHINGTON, D.C. — The Securities and Exchange Commission has not been granted the power by Congress to seek disgorgement in civil enforcement actions and has instead been granted “other specific enforcement tools” that include civil monetary penalties, petitioners argue in a Dec. 16 petitioners’ brief filed with the U.S. Supreme Court (Charles C. Liu, et al. v. Securities and Exchange Commission, No. 18-1501, U.S. Sup., 2019 U.S. S. CT. BRIEFS LEXIS 7539)....