Why The SEC's Position In Gabelli V. SEC Doesn't Hold Up

Law360, New York ( December 4, 2012, 10:50 AM EST) -- The fifth anniversary of the financial crisis is approaching. Five years also is the limitations period for penalty actions by the U. S. Securities and Exchange Commission at least according to the words of the limitations statute. But the SEC contends that the limitations clock does not begin to run until the commission actually "discovers" a violation. The SEC's argument recently won the approval of the Second Circuit in Securities and Exchange Commission v. Gabelli. [1] The United States Supreme Court has granted certiorari to consider the issue. . . .

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