Gabelli v. Securities and Exchange Commission, No. 11-1274; U.S. Supreme Court; opinion by Roberts, C.J.; decided February 27, 2013. On certiorari to the U.S. Court of Appeals for the Second Circuit.
The Investment Advisers Act makes it illegal for investment advisers to defraud their clients, 15 U.S.C. §§ 80b-6(1), (2), and authorizes the Securities and Exchange Commission to bring enforcement actions against investment advisers who violate the act, or against individuals who aid and abet such violations, § 80b-9(d). If the SEC seeks civil penalties as part of those actions, it must file a suit "within five years from the date when the claim first accrued," pursuant to a general statute of limitations that governs many penalty provisions throughout the U.S. Code, 28 U.S.C. § 2462.
