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“Supreme Court upholds SEC’s power to take illegal profits from Orange County couple”

Phillips & Cohen partner Erika Kelton is quoted in The Los Angeles Times, explaining the significance of the Supreme Court’s recent decision in Liu v. SEC, and what the decisions means for whistleblowers.

But lawyers who represent whistleblowers said the court’s decision upholds the SEC’s power to recoup millions of dollars from those who run fraudulent investment schemes.

“Half of the $2 billion in SEC sanctions attributed to whistleblower cases is from disgorgement,” said Erika Kelton, a Washington lawyer. “If the court had invalidated the disgorgement remedy, whistleblowers would have faced a tougher choice as to whether to risk their livelihoods to come forward.”

Read the entire article, “Supreme Court upholds SEC’s power to take illegal profits from Orange County couple,” on the Los Angeles Times’ website. 

 

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