U.S. Supreme Court justices on Tuesday appeared inclined to back the Securities ...
WASHINGTON - U.S. Supreme Court justices on Tuesday appeared inclined to back the Securities and Exchange Commission’s power to use federal courts to force defendants to surrender profits obtained through fraud as part of enforcement of investor-protection laws.
Conservative and liberal justices were skeptical of the couple’s bid to strip the SEC of its disgorgement power in federal courts, although some suggested that limits should be imposed. “Most obviously, forbidding courts to order disgorgement in SEC suits would make it easier for wrongdoers to keep their ill-gotten gains, thereby reducing the deterrent effect of the current remedial scheme,” the administration said in court papers.
“Is it not an equitable principle that no one should be allowed to profit from his own wrong?” liberal Justice Ruth Bader Ginsburg asked. Liu and Wang had raised money from 50 foreign investors on the understanding that they would be able to obtain U.S. visas. Under the federal EB-5 visa program, wealthy foreigners can access visas in exchange for investing at least $500,000 in certain job-creating projects in the United States.
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