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Part Two of a Two-Part Article
When the SEC and other government regulatory agencies pursue civil enforcement actions against those accused of financial fraud, they often attempt to recover monetary penalties and fines for periods of time even outside the limitations period. This effort is being met with resistance by the courts. The authors conclude their discussion herein.
Editor’s note: When the Securities and Exchange Commission (SEC) and other government regulatory agencies pursue civil enforcement actions against those accused of financial fraud, they often attempt to recover monetary penalties and fines for periods of time even outside the limitations period. This effort is being met with resistance by the courts, which are not necessarily buying the argument that statutes of limitations should be tolled by the discovery rule when the injured party is the government, or that it does not apply if the wrongdoers are not present in the United States and cannot be timely served. The authors, who note that the Supreme Court of the United States, in Gabelli v. SEC, 133 S.Ct. 1216 (2013), and the District Court for the Southern District of New York, in SEC v. Straub (Straub II), No. 11 Civ. 9645 (RJS), 2016 WL 5793398 (S.D.N.Y. Sep. 30, 2016), dealt with these issues, continue their discussion herein.
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