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In the Courts
On Feb. 27, 2013, the United States Supreme Court unanimously rejected an argument advanced by the U.S. Securities and Exchange Commission (SEC) that the so-called “discovery rule” would apply to civil penalties cases involving fraud, such that the statute of limitations would not begin to run until the fraud was discovered. The case, Gabelli v. Securities and Exchange Commission, 133 S.Ct. 1216 (2013), involved an SEC civil penalties case in which the petitioners were sued by the SEC with respect to fraud allegations under the Investment Advisers Act of 1940.
The Investment Advisers Act makes it illegal for investment advisers to defraud their clients, and allows the SEC to seek civil penalties through an enforcement action against investment advisers who violate the Act. In a 2008 complaint, the petitioners, a portfolio manager and chief operating officer of an investment advisory firm, were alleged to have aided and abetted fraud between 1999 until 2002 by allowing one investor in the fund they advised to covertly engage in a trading strategy that would harm other investors in exchange for investing in a hedge fund run by one of the petitioners. Id. at 1217-19.
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