Thomas Mckay

Thomas Mckay

November 22, 2023 | New York Law Journal

Second Circuit Limits the SEC's Disgorgement Power

In its recent decision in 'SEC v. Govil', the Second Circuit limited the SEC's power by construing "victims" to be limited to those who suffer pecuniary harm. This holding will likely prevent the SEC from obtaining disgorgement in numerous types of cases, such as those involving books and records or registration violations, and even insider trading.

By Thomas McKay

7 minute read