U.S. Supreme Court to review SEC’s power to recover ill-gotten gains

US

FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, United States, June 24, 2011. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) – The U.S. Supreme Court on Friday agreed to hear a challenge to the ability of the Securities and Exchange Commission to recover ill-gotten profits obtained through misconduct in a case from California that could weaken the agency’s enforcement power.

The nine justices agreed to hear an appeal by California couple Charles Liu and Xin Wang contesting a 2016 civil action brought against them by the SEC. The SEC won a court ruling in 2017 requiring Liu and Wang to disgorge almost $27 million, the same amount they raised from foreign investors to build a never-completed cancer treatment center.

Reporting by Lawrence Hurley; Editing by Will Dunham

Products You May Like

Articles You May Like

Nadhim Zahawi ‘transparent’ over tax affairs – Raab
Nadhim Zahawi: Tax error was careless and not deliberate
Call for probe into claims BBC chair helped Johnson secure loan
‘Get it all out now’ over tax affairs, Zahawi urged
Nadhim Zahawi tax row: Conservative Party chairman determined to stay on, say allies

Leave a Reply

Your email address will not be published. Required fields are marked *