The defendants in Liu vs. S.E.C., which the Supreme Court will review, diverted $26 million they raised from the investors.

The regulator will argue before the Supreme Court that judges can order a defendant to disgorge money obtained by fraud or insider trading.

The Securities and Exchange Commission will be in front of the Supreme Court again to argue whether a federal court has the power to order a defendant to repay money obtained by fraud or insider trading.

Source: https://www.nytimes.com/2019/11/29/business/dealbook/sec-fraud-disgorgement.html

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