Protecting SEC from “de-clawing” by Supreme Court: Walter Jospin Joins Former SEC Commissioners and Senior Staff in Effort to Preserve SEC's Authority to Seek Disgorgement of Ill-Gotten Gains
In March 2020, the Supreme Court heard oral argument in Liu v. SEC, which concerns whether the SEC may seek "disgorgement" (i.e., the giving-up of ill-gotten gains) in civil enforcement proceedings brought in federal court. Finch McCranie's Walter Jospin, the former Director of the Atlanta Office of the SEC, joined seven former SEC Commissioners and senior staff and filed a brief as amici curiae in support of the SEC and the continued use of disgorgement as a remedy in SEC civil enforcement proceedings. In addition to Walter, amici include former SEC Commissioners Luis Aguilar, Roel Campos, Roberta Karmel, and Bevis Longstreth, and former staff Andy Green, Tyler Gellasch, and Jordan Thomas. To read the amicus brief submitted by the SEC Commissioners and staff, go here.
For all the briefs in the case, go here.