(United States Supreme Court) - In a case arising out of an SEC enforcement action,alleging that petitioner violated various securities laws by concealing the misappropriation of money from trade-development companies, and seeking monetary civil penalties, or disgorgement,and an injunction barring petitioner from future violations, the Tenth Circuit's judgment -- that 28 U.
S.
C. section 2462's 5-year limitations period applied to the monetary civil penalties but that section 2462 did not apply because disgorgement was neither a penalty nor a forfeiture -- is reversed, and where because SEC disgorgement operates as a penalty under section 2462,any claim for disgorgement in an SEC enforcement action must be commenced within five years of the date the claim accrued.
Source: findlaw.com